This week is shaping up to be a high-volatility one, and it’s not just because of the charts. The escalation in US-Iran tension is already shaking risk markets, with “weekend pricing” hinting at a gap up in gold and crude oil, and a gap down in NASDAQ. On top of that, it’s a heavy USD data week with major releases like ISM, ADP, Non-Farm Payrolls, and Retail Sales all on deck, the kind of combination that can turn clean setups into fast moves.
In this week’s Forex Forecast, Nikkhil maps out the key zones and decision levels across Dollar Index, USDJPY, NASDAQ, crude oil, silver, and gold so you’re not reacting late when the market snaps.
DXY (Dollar Index)
On the higher timeframes, Nikkhil still reads DXY as structurally bearish, with the longer-term move up looking corrective rather than the start of a fresh bull trend. The market has been printing lower highs, and the falling trend line resistance is still intact. That matters this week because the “safe haven” bid isn’t only showing up in gold, the dollar can also catch demand during geopolitical stress. Nikkhil’s view is that DXY can still push higher in the short run, but it’s likely a bounce into resistance rather than a full trend reversal.
The key area he highlights above is the resistance magnet zone around 100.15 to 101, with an important “regain control” level near 101. Until that zone is clearly reclaimed, he’s treating upside as corrective and watching for the next sell-side continuation. On the downside, the bigger support magnet sits around 95.75 to 96.34, while the nearer-term condition he’s focused on is whether DXY can stay above roughly 96.50 to allow a squeeze back toward the 98.53 to 98.75 region.
USDJPY
USDJPY is where Nikkhil’s forecast gets “tricky,” because the pair has both bullish structure signals and short-term warning signs at the same time. He notes that after a strong leg higher, price compressed into a triangle, broke out, and then began forming another consolidation structure. That “fight” between buyers and sellers is important this week, because it often precedes expansion and expansion in USDJPY can be fast when it goes.
Nikkhil’s nearest supports are clear: 154.85 as the higher support that needs to hold for the bullish case to stay clean, and 152.62 as the deeper magnet support underneath. If price holds above those zones, he’s watching for continuation toward 158, and he highlights that a break and hold above 158 opens the door to a push toward 162.8. But if those supports fail, the market can flip back into a more defensive posture quickly, which is why he frames this one as a “support retention” trade idea rather than a blind directional bet.
NASDAQ
NASDAQ is the one Nikkhil treats with the most urgency this week, because the weekend pricing proxy is already hinting at a gap down from Friday’s close. On the bigger picture, he doesn’t see classic bearish divergence on the weekly trend-which usually suggests corrections can be short-lived before continuation-but he does see signs of slowdown on the monthly momentum. That combination often creates sharp, emotional pullbacks that feel like “crashes” in the moment, even if the larger trend hasn’t fully broken yet.
On the daily and 4H structure, Nikkhil’s short-run bias leans bearish while price remains below a key resistance at 25,467. He highlights that 24,836 has already been lost in the weekend proxy, putting the next downside levels in focus: 24,300 first, then the big psychological and technical level at 24,000. If 24,000 breaks, he flags the next major zone around 23,575. In other words, this is a “levels-first” week on NASDAQ-the market is either going to reclaim the broken support and stabilize, or it’s going to confirm continuation lower step by step.
Crude Oil (US Oil)
Crude is moving on war premium right now, and Nikkhil’s core message here is simple: don’t trade it blindly just because headlines are loud. On the monthly chart, he points to bullish divergence and a major support response, suggesting the longer-term downside pressure has weakened. On the weekly, the key “buyers take control” level he highlights is 75.32, a level that, if reclaimed and held, supports a stronger upside narrative.
But in the short run, the gap dynamic matters. Nikkhil expects that if the premium fades after markets reopen, crude can snap lower to fill the gap over time before continuing higher. He highlights the 72.25 to 73 area as an important magnet zone, and notes that if buyers can break and sustain above roughly 72.73, the next future magnet zone sits higher around 78.89 to 79.58-but he’s not expecting a clean straight-line push to 79-80 without a corrective dip first. His preferred idea is patience: let the market show exhaustion at resistance, allow the gap-fill or pullback, then reassess for continuation.
Silver
Nikkhil’s read on silver stays bullish across timeframes, with the higher-timeframe structure still intact and major magnets clearly defined. He highlights the bigger-picture support region around the 40 area mark, with higher magnet zones stacking above in the 56-57 region and beyond, and on the lower timeframes he’s focused on silver building higher lows after the earlier crash, which keeps the trend bias pointed up.
Where traders can get punished this week is chasing a gap-up premium. Nikkhil expects silver may also open higher in sympathy with gold, but he’s very clear about not buying into stretched prices near immediate resistance. Instead, he’s watching for the market to cool off and offer a “discounted” re-entry area, with nearer supports he calls out around 91-92, then 87-88, and a deeper base around 84-85. As long as price holds above that base, he treats pullbacks as potential opportunities within a bullish structure. The key invalidation level he mentions on a conservative basis is a daily close below 76.81, which would signal real damage to the bullish case.
Gold
Gold is the center of gravity this week. The weekend pricing proxy Nikkhil referenced shows gold surging sharply from Friday’s close, which is exactly what you’d expect when geopolitical risk spikes and safe-haven demand accelerates. Structurally, he keeps gold firmly bullish on the monthly and weekly charts, and he treats the recent drop as corrective rather than a trend break. The key change is that the market may open already overstretched into resistance, which is where traders tend to make the worst mistakes by chasing a move that’s already happened.
Nikkhil’s guidance is to stay disciplined: if gold opens around the 5,400+ area and stalls, a sharp pullback to complete the corrective move and fill the gap becomes very possible. He highlights that the support “base” has shifted higher into the 5,076 to 5,134 area, and as long as gold remains above that region, the bullish structure remains intact. For tactical planning, he calls out a re-entry zone around 5,250 to 5,261 (around the prior major level traders have been watching), with a key lower-timeframe condition around 5,171. His approach is clear: don’t buy the premium. Wait for the pullback into a level that makes sense, then align with the broader bullish trend. This is the kind of week where gold can move fast in both directions.
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