Weekly Forex Analysis: 6-10 March 2023

DXY

On the daily chart, DXY moved higher and was unable to break above the 105.312 resistance zone. Price started ranging with a potential break to the downside to find some buyers willing to push the dollar higher to 106.880 level.

On the 4-hour chart, we see that price is trading inside a tight range between 103.829 and 105.312 levels. If price breaks above 105.312 we go long to 106.880. If price decides to break below the support level, we short to 101.921 level as a potential target.

Once we test the demand zone around 100.831-101.921 levels and we get enough bullish price action, we go long with potential targets at 103.829, 105.312 and perhaps all the way up to 106.880 levels.

EURUSD

On the daily chart, EURUSD tested the supply zone around 1.06851-1.08032 levels and started moving sideways.

If price retested this supply zone and gives us enough bearish price action, we go short to 1.04898 and 1.03084 levels.

GBPUSD

On the 4-hour chart, GBPUSD is moving sideways with a supply zone around 1.20814-1.21450 levels. If price tests this zone and shows enough bearish price action, we go short to retest the 1.19375 level. If price breaks below 1.18403 level, then the next potential target will be the 1.15993 level.

AUDUSD

On the daily chart, AUDUSD tested the demand zone around 0.66312-0.67104 levels and started ranging with a potential move to the upside to test the supply zone around 0.68483-0.69193 levels.

If price tests this supply zone and we get enough bearish price action, we short with a potential target at 0.67104 level and if price breaks below 0.66312 level, it might go all the way down to 0.65014 level.

NZDUSD

On the daily chart, NZDUSD tested the demand zone around 0.60606-0.61533 levels and showed some bullish evidence to the upside. Now that price tested the supply zone at 0.62776 level, we see some rejections suggesting that sellers are interested in pushing prices down.

On the 4-hour chart, price tested the supply zone around 0.62567-0.63101 levels and started moving sideways. If price retested the 0.62567 level and shows enough bearish evidence, we short to 0.61533 and 0.59532 levels.

USDCAD

On the daily chart, USDCAD retested the supply zone around 1.36784-1.38094 levels and started moving sideways.

On the 4-hour chart, we see that price is ranging with a potential break to the downside if it manages to break below 1.3550 level. The break below this support level will let more sellers gain confidence in pushing price down to 1.34974 and 1.33617 levels as potential targets.

USDCHF

On the daily chart, USDCHF tried to break above 0.94043 resistance zone but it failed and retraced back down.

On the 4-hour chart, we see that price bounced back down from the resistance zone and moving lower to the 0.93242 support zone. If price tests the demand zone around 0.92887-0.93184 levels and shows enough bullish evidence, we go long to 0.96279 level as a potential target.

USDJPY

On the daily chart, USDJPY created a demand zone around 129.724-132.873 levels and moved sideways unable to break above 137 level.

On the 4-hour chart, we wait for price to retest the demand zone around 134.029-135.273 levels and show enough bullish price action to go long with a potential target at 139.577 level.

XAUUSD

On the 4-hour chart, price created a new demand zone around 1804.812-1817.234 levels and showed enough bullish evidence to the upside.

Now that price is approaching the supply zone around 1867.878-1889.856 levels, if price tests this zone and we get enough bearish price action, we go short to 1817.234 as a potential target.

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