Weekly Overview 6/6/2022

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 recorded a new peak after breaching the 102.465 level, which represents a high decline, and breaching this level and closing above it gives a positive signal that the trend has changed from bearish to bullish, but what weakens this positive scenario is the lack of rebound from any support area, which It maintains the possibility of a decline to touch the 101.015 level, which represents an important support line. For these reasons, the dollar index can still decline to the mentioned support line, to make the movement clearer if we will witness a rise again, while breaching the 102.750 level and recording a new peak while maintaining the 101 level. 290. Supports the positive scenario and eliminates the possibility of touching the level of 101,015


Gold broke the 1870.223 level and made a new high at 1872,561, which indicates more upside to the 1880 range, the decline we are witnessing now is corrective for now until the breach of the 1828.545 level, and with the use of the Fibonacci tool located between 78% and 88% levels Represents a purchasing area again

Crude Oil

More rise in oil prices, after a decrease in oil inventories in the United States to -5.06 million, less than the expectations that were referring to -1.350 million, as well as the geopolitical problems dominating the oil markets, and the next target for oil is at the level of 124, as well. Also, technically, oil is trading in a general bullish trend by forming higher tops and lower tops that are higher than each other

Euro against US Dollar

Traders should monitor the level of 1.07878, which represents a resistance line, and if it breaks it and closes a four-hour candle above it, we will have a rise to 1.08992 levels, and the level of 1.06280, which represents a support line. Level 1.04974

British Pound against US Dollar

This pair is trading in a bearish direction, but with weak momentum, because of the beginning of today’s session and the bullish momentum that the pound sterling against the dollar recorded, with a rise of about 0.76%, or 96 points, to maintain the negative scenario, the 1.26651 level must be maintained and not breached upwards, and forming a new bottom below The level of 1.24604, which is the last bottom recorded by the market, confirms the negative trend and supports the selling opportunities, and the targets are divided into the following levels: 1.23393 and 1.22020

US Dollar against Canadian Dollar

When we talk about the strength in oil and a rise in its prices, of course we will witness some strength for the Canadian dollar because of the positive relationship that brings them together, as well as the 50 basis point interest hike by the Central Bank of Canada last week that adds more strength to the Canadian dollar, and the decline of this pair is still in place and the trend It is still bearish and the target is at 1.24525

Australian Dollar against US Dollar

This pair is trading in the medium term with a bullish trend in the medium term, but in the long term, this pair is still trading in a general bearish direction and not breaching the level of 0.72663, which represents a resistance line and an important high drop and rebounding from it, indicating the importance of this level, but there will be no sign of confirmation yet Until breaching the 0.71424 level and closing below it to be a bright confirmation signal to create selling opportunities again, and the target is near the previous bottom in the long term at the level of 0.69911

New Zealand Dollar against US Dollar

The New Zealand dollar became close to falling against the US dollar after approaching the resistance line at 0.65700 and not breaching it upwards, and the breach of the 0.64373 level confirms the decline and change the direction from bullish to bearish in the medium term, and in the event of breaching the level of 0.65700, up and closing A four-hour candle above this level, the pair will rise to the level of 0.66627 as a first target in the medium term

The most important economic data for this week

Tuesday 7 June

Australian Dollar: Reserve Bank of Australia rate decision

Thursday 9th June

Euro: the rate of interest on borrowing
European Central Bank Marginal Lending Facility
European Central Bank monetary policy report
US Dollar: Unemployment Claims Rate

Friday 10 June

Canadian Dollar: Employment Change Rate
Unemployment rate
US dollar: Consumer Price Index