Weekly Forex Analysis: 27-3 March 2023

DXY

On the daily chart, DXY tested the demand zone around 99.655-101.185 levels and showed enough bullish evidence to the upside. Price moved higher breaking the trend-line and found resistance at 105.576 level. If price manages to break this resistance, the next potential target is to move all the way up to 109.570 level. If it fails to break the resistance zone, we would see a retracement back down to 102 level.

On the 4-hour chart, DXY is testing the supply zone around 105.152-105.646 levels and still waiting for a rejection to the downside to signal a bearish reversal. If price violates this supply zone, the next potential target is to test the supply zone around 107.592-108.751 levels.

EURUSD

On the daily chart, EURUSD created a supply zone around 1.08837-1.10311 levels and showed enough bearish evidence to the downside.

There are two interesting support zones to watch. The first support is at 1.04932 level (38.2% fib) and the second at 1.01950 level (61.8% fib).

On the 4-hour chart, price is testing the demand zone around 1.04811-1.05460 levels. If this zone holds and price breaks the trend-line with enough bullish price action, we could see a correction move up to the 1.07000 level.

If price breaks this price structure and move below 1.04811 level, the next potential targets are 1.04037 and 1.02246 levels.

AUDUSD

On the daily chart, AUDUSD broke below the 0.68706 support zone and created a new supply zone around 0.67814-0.68483 levels showing enough bearish evidence to push price down.

If price tests the demand zone around 0.65866-0.66657 levels and breaks below it, the next potential target is 0.65176 level.

GBPUSD

On the daily chart, GBPUSD retested the supply zone around 1.21192-1.22696 levels and trading near support level at 1.19137.

If price breaks below this level, the next potential target is the demand zone around 1.13503-1.15336 levels.

USDCHF

On the daily chart, USDCHF broke above the 0.94021 resistance level and showed enough bullish evidence to the upside.

The next potential target is to go all the way up to challenge the 0.96000 resistance level.

On the 4-hour chart, price created a demand zone around 0.92871-0.93197 levels and showed strong bullish evidence to the upside. If the support level at 0.94021 holds, we could see a correction move down to test this zone and go long if we get enough bullish price action.

USDJPY

On the daily chart, USDJPY created a demand zone around 129.724-132.416 levels and showed enough bullish evidence to the upside breaking the 135.463 resistance level.

The next potential target is to test 139.577 level.

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