Weekly Overview 9/5/2022

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

More rise and strength for this indicator after raising interest rates last week by fifty basis points.
The general trend is still bullish, and traders should monitor the closing of this week due to the presence of this indicator at the level of 103.995 from which the US dollar rebounded in the previous and formed new bottoms, and we also have inflation data for this week that will mainly affect the movement of the index
As for the short term, on the US dollar index, maintaining the level of 102.395 and not breaching it to complete the bullish trend


With the Federal Reserve raising interest rates and declaring its willingness to continue tightening monetary policy, gold fell during the past week by about 2.45% to touch the level of 1851.160 and is approaching the closest support line to it located at the level of 1844.620, but the trend became bearish on gold And the support levels that must be monitored are at 1844,620 levels as the first support line and 1821,620 as the second support line

Crude Oil

Crude oil maintained its gains over the next week, rising nearly 5.90%, to trade at 109 levels, and the long-term target is still at the 115 level

Euro against US Dollar

After the significant decline of this pair to touch 1.04 levels, and now it is trading at a support line located at 1.04974, which it did not break on the daily basis and closes below it. 04974 We may witness a correction to the level of 1.06316 at least

British Pound against US Dollar

Last week, this pair declined about 1.91% to complete its losses for the third month in a row. There are no opportunities to buy this pair due to the general bearish trend. The rise for this pair will be corrective to complement the bearish trend, not to buy, and the 1.26 level represents selling opportunities for this pair. In the event of breaching the 1.26407 level and closing above it on the four-hour frame, it will be a reversal signal to rise again

Australian Dollar against US Dollar

This pair reaches the level of 0.69920, which represents a very important support line that this pair will not breach since July 20, 2020, and also tried to trade below it, but the daily closing remains above this level, which could represent a short-term buying opportunity in case we have a confirmation signal on Short term time frames, and by breaching this level, we will witness more decline for this pair and its lowest at 0.69200 levels

New Zealand Dollar against US Dollar

More decline for this pair after breaching the support line at 0.65281, the New Zealand dollar target is at 0.62427, and in the event of a corrective decline to the upside, it will be a new selling opportunity on the condition of maintaining the 0.65693 level and not breaching it upwards and closing above it on the frame four hours

The most important economic data for this week

Wednesday May 11

US Dollar: Consumer Price Index

Thursday 12 May

British Pound: Gross Domestic Product
US Dollar: Producer Price Index

Friday May 13

US Dollar: Michigan Consumer Confidence Index

Last week weekly overview 25/4/2022