Weekly Overview 10/10/2022

US Dollar Index

This index declined to touch the levels of 111.115, 110.720 and 110 to rise again, supported by the positive employment data issued during the past week, knowing that this indicator is still in an upward general direction and the next destination for this indicator is at the level of 115.450
An important week for the US dollar, as it includes the speech of the Federal Reserve Chairman Jerome Powell, followed by the consumer price index, any inflation data, which traders should monitor the speech of the Federal Reserve Chairman to know the next direction regarding the fight against inflation and interest rates in the next meeting, as well as monitoring the result of the inflation data
Failure to record a top above the 114,760 level, maintains the possibility of a decline to the levels of 109,075 and 107,670 before completing the upward trend, and in the event of positive inflation data, we will witness a strong rise in the dollar index and recording a new peak, as well as the speech of the Fed President will also affect the movements of this Indicator in terms of recording a new high or regressing again

Gold

Gold rose recently about 6.90%, affected by the geopolitical tensions, as well as with the decline in the dollar index, touching the levels of 78% (the level of 1709.760) and 88% (the level of 1720.726) of the Fibonacci tool (measured from the level of 1737.214 to The level of 1616.134), and these levels are considered attractive levels for sale, especially with the bearish trend of gold on the daily frame, to open trading this week with a decline of about 2% with the rise of the US dollar index, and the next targets for gold are at the levels of 1632.202 and 1616.134
The negative scenario will remain valid unless a top is recorded on the daily frame above the level of 1737.214

Crude Oil

Crude oil rose last week after the OPEC + decision to reduce daily production by two million barrels, which pushed oil prices to rise due to the lack of production quantity compared to the quantity of demand, and this rise technically led to breaching the level of 89.60 and recording a peak above, which indicates a change in trend From bearish to bullish, and the next target for crude oil is at the level of 97.21, as for the current decline in oil prices, it is the result of the pressure of the Fed’s tightening, as well as fears of a decline in demand

Euro against US Dollar

The euro rose against the dollar from its lowest level to touch the level of parity again, and this is due to the corrective decline in the dollar index, which the euro exploited to rise again after it recorded its lowest level in more than 20 years, with the news affecting the dollar for this week, we expect high volatility for this pair, but The next target is at the level of 0.96075

British Pound against US Dollar

The sterling pound failed to record a clear top above the 1.14614 level, which represents a dividing line, and the first positive sign for this pair in case it breached it upwards and recorded a top above, but the pair declined again to complete its general bearish trend, and now the pair is trading at 1.0246, which represents a support line. Important, if a bottom is recorded below, the next targets for this pair are at 1.08205 and 1.06201 levels

The most important data and news affecting the markets for this week

Tuesday 11 October

British pound: Bank of England Governor Andrew Bailey's speech

Wednesday 12 October

British Pound: GDP
US Dollar: Producer Price Index
Federal Reserve Chairman Jerome Powell's speech

Thursday 13th October

US dollar: Consumer price index

Friday 14th October

US dollar: retail sales
Preliminary Consumer Confidence Index by the University of Michigan