Weekly Forex Analysis: 3-7 April 2023

DXY

On the daily chart, DXY tested the demand zone around 100.824-101.926 levels and moved sideways closing at 102.594.

If price breaks the trend-line and shows enough bullish price action to the upside, the next potential targets are 103.508 and 105.132 levels.

EURUSD

On the daily chart, EURUSD retested the supply zone around 1.08806-1.10374 levels and showed enough bearish evidence to the downside.

If this supply zone holds and price continues to show bearish price action, we short to 1.05560 level as a potential target.

GBPUSD

On the daily chart, GBPUSD tested the supply zone around 1.23419-1.24491 levels and showed enough bearish evidence to the downside.

If this supply zone holds and we continue to see bearish price action, the next potential target is 1.19209 level.

NZDUSD

On the daily chart, NZDUSD tested the demand zone around 0.60606-0.61554 levels and moved sideways with a resistance zone at 0.62945 level.

If price breaks above this resistance zone, the next potential target is 0.64609 level.

If this resistance holds and pushes price down, the next potential targets are 0.61554 and 0.58415 levels.

USDCAD

On the daily chart, USDCAD is moving sideways between 1.33703 and 1.38619 levels. If price tests 1.33703 and shows enough bullish evidence, we go long to 1.38619 level.

If price breaks below 1.32174 level, the next potential target would be the demand zone around 1.27257-1.29086 levels.

USDCHF

On the daily chart, USDCHF is retesting the demand zone around 0.90622-0.91405 levels and failed to show some bullish evidence to push price higher.

If this demand zone holds, the next potential target is 0.93194 level.

USDJPY

On the daily chart, USDJPY tested the demand zone around 128.050-129.988 levels and showed some bullish evidence to the upside.

Price found a resistance zone at 133.939 level where we can see a form of rejection to the downside suggesting more bearish move to test the 129.988 and 127.748 levels

GBPJPY

On the daily chart, GBPJPY tested the supply zone around 165.059-167.038 levels and showed enough bearish evidence to the downside.

If price continues to move lower confirmed by enough bearish price action, we short to 156.952 level as a potential target.

XAUUSD

On the daily chart, Gold tested the supply zone around 1988.736-2070.162 levels and moved sideways breaking below the ascending trend line.

If price breaks below last week’s low, we short to 1868.001 level as a potential target.

Risk Disclaimer: By viewing any material or using the information within this site, you agree that it is general educational material and you will not hold anybody or entity responsible for loss or damages resulting from the content provided here by “TradingFXHub”. The owner of this website is not a licensed financial advisor, your trades are the result of your actions and not his. If at any time you use any advice or opinion stated in this website and you lose money, this is your fault and you should not hold TradingFXHub accountable. TradingFXHub has no control over your trading account, and therefore, your money. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all your initial investment and therefore you should not invest money you cannot afford to lose. Individual results vary and no representation is made that clients will or are likely to achieve profits or incur losses comparable to those that may be shown.

Site Footer