Weekly Overview 17/5/2022

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

The US dollar index rose in last week’s trading by 0.88%, which led to breaching 103.995 and recording a new high, with the use of the Fibonacci extension tool, the long-term target is at 106.610 in the event that the 102.355 level is maintained and not closed below This level is in the four-hour window
But if the 103.355 level is breached and a four-hour candle closes below it, this indicator will decline to 1.1.015 levels at a rapid pace.
Note: Traders should watch Federal Reserve Chairman Jerome Powell's speech this evening


Gold fell about 3.81%, affected by the high inflation data released last week, which supported the downward trend in which gold is trading, forming low bottoms and tops.
It is possible for gold to decline correctively to levels of 18440620 before completing the bearish trend to levels of 1782.600, but the negative scenario will be canceled if the level of 1859.626 is breached and the four-hour candle closes above it

Crude Oil

Crude oil is still trading in a positive range that supports the rise, and it also exists in an environment that supports the rise in its prices due to the news issued from the geopolitical point of view, and technically the target is still at the 115.82 level and the breach of the 109 level and closing above it supports and confirms the bullish trend to the specified target (115 .82)

Euro against US Dollar

The euro reached its lowest level since 2017, to trade at the level of 1.03485, and maintains the bloody bearish trend as a result of the war between Russia and Ukraine, high inflation in Europe and the lack of measures to tighten monetary policy by the European Central Bank in return for tightening monetary policy by the Federal Reserve, which This led to a decline in the pair to these levels due to the conflicting currencies: the weakness of the euro and the strength of the US dollar
The rise that we are witnessing now is only corrective, and the levels of 1.05100 and 1.05785 represent good opportunities to sell again on the condition that no candle (the four-hour frame) is closed above 1.06426 and the target is near the previous bottom at 1.03400

British Pound against US Dollar

The pound sterling in the footsteps of the euro is declining with the rise of the US dollar, of course, the general trend of this pair is still bearish and the picture is clearer on the daily frame, as for the four-hour frame, this pair breached the last low top it recorded, which indicates the beginning of a change in the direction from bearish to bullish, on the traders Observing the 1.26407 level, while breaching it upwards, it will be a serious positive sign for this pair, and it may rise at least to 1.29988 levels

Canadian Dollar against US Dollar

As we mentioned before, the 1.30000 level represents a good opportunity to sell, and we had two signals to enter sell
The first signal: a breach of the bullish trend and closing a negative candle below this level
The second signal: is the corrective decline to the level of 1.29500, which is a good opportunity to sell from better prices
Breaking the 1.30756 level and closing above it cancels the negative scenario
The first target for this pair is at 1.27246

The most important economic data for this week

Tuesday 17 May

US dollar: retail sales
The speech of the Chairman of the Federal Reserve

Wednesday May 18

Australian dollar: wage price index
British Pound: Consumer Price Index
Canadian dollar: Consumer Price Index

Thursday 19 May

Australian dollar: rate of change in employment
Unemployment rate
US Dollar: Unemployment Claims Rate