Weekly Overview 7/2/2022

Weekly overview includes the movements of the major pairs with gold and oil and the areas that traders should monitor during the week with the most important economic data for this week

US Dollar Index

Last week, the US dollar index fell about 2.30% with negative employment data from ADP on Wednesday, but the decline is corrective and the general trend is still bullish and the target is at the level of 97.810
As we mentioned in last week’s bulletin, this indicator can decline to a maximum level of 94.600, but its breach to the downside and closing below it on the daily chart cancels the positive frame


Gold maintained the positive frame and the level of 1782.601 with the decline of the US dollar last week and went up to trade at the level of 1819.630 at the opening of the trading session on Monday, and the first target for gold is at the level of 1828.849 and the second target is at the level of 1867.530 in case Breaking the 1850 level and closing above this level
The targets and the positive framework remain available if the 1782.601 level is maintained and trading above it

Crude Oil

Crude oil reached the level of $91.58 last week, which is the target mentioned in the previous week's bulletin
The general trend is still bullish, breaching the 91.57 level supports the rise and the targets are rising for crude oil at the 96 level as a first target.
Traders should monitor the 81.71 level as a support line, in case it breaks down and the closing below it on the daily chart will be a reversal signal for oil

Euro against US Dollar

The euro rose last week about 3.20% from the level of 1.11231, which was a support line and a filtering point.
The euro reached a resistance line with the positive effect of the news and started to decline, breaching the 1.14126 level will be a confirmation signal for the negative frame in the medium term at least, and the first target will be at the 1.13099 level

British Pound against US Dollar

The interest rate was raised by the British Central Bank from 0.25 to 0.50, which positively affected the pound, coinciding with the decline of the US dollar, the pair rose about 1.77% during the past week
In the long term, the trend is to the upside and it is possible to go back to 1.31771 level, and the frame will remain positive until it is breached
In the short term, we may witness a decline from 1.35610 to 1.33703 levels

US Dollar against the Canadian Dollar

After breaching the 1.26133 level, and rebounding from the resistance line at 1.29500, the pair has become in a bearish frame, but it is uncertain due to the absence of recording a second bottom, and now it is better to monitor the resistance areas at 1.29500 and 1.3000 in case they break upwards. Or bounce back down

US Dollar against Japanese Yen

The general trend of this pair is still bullish, as we mentioned before, it maintained the last high bottom at the level of 112.826 and rebounded upwards, and the target is still at the level of 116.309, i.e. the previous high
Maintaining the level of 112.543 and trading above it will keep the frame positive, and in the event of its breach to the downside, the positive frame will be cancelled

Australian Dollar against US Dollar

The general trend of this pair is still bearish, the decline of the US dollar led to the rise of this pair as a corrective retracement and touched the level of 0.71698 and then fell again, and the target for this pair is the previous bottom and the support line located at the level of 0.69911

New Zealand Dollar against US Dollar

The general trend of this pair is still bearish and is forming new bottoms, a breach of the upside level of 0.67033 indicates some positivity for this pair and trading below this level the target will be at the level of 0.65390

The most important economic data for this week

Monday 6 February

Euro: ECB President Lagarde's speech

Tuesday 8 February

New Zealand dollar: European Central Bank President Urs speech

Wednesday 9 February

Canadian dollar: Bank of Canada Governor's speech

Thursday 10 February

US Dollar: Core CPI
Unemployment Complaint Rates
British Pound Speech by the President of the Bank of England

Friday 11 February

Great Britain: Gross Domestic Product (monthly and yearly)