Weekly Overview 7/11/2022

US Dollar Index

Last week, the US dollar index traded under pressures to raise interest rates by the Federal Reserve by 75 basis points and tighten monetary policy and employment data, which recorded a positive reading through the rate of change in employment, noting that the result was negative with the last statement and a slight decrease by 0.1% in the unemployment rate , to decline at the beginning of trading this week by 0.71%, and this is a result of the decline in the labor market affected by the monetary tightening by the Federal Reserve.
Pressure on the US dollar is still present this week, while awaiting the inflation data that will be released on Thursday, November 10, which will directly affect the markets and will clarify what is the next movement of the Fed by reducing the tightening pace or completing the tightening at the same pace.
Technically, the decline on the dollar index is still corrective, and the level of 109.075 is the closest to touching it, and if it breaks down, the next target will be at the level of 107.670, which represents the last level of support for the bullish trend of the US dollar index
Note: Maintaining the level of 109.075 will keep the positive frame valid, and the target in the medium term resides at the level of 113.045

Gold

With the decline in the dollar index at the end of last week, gold rose about 3.12% from the support area located between the levels of 1632.264 and 1614.925, to trade at the levels of 1678.870 and 1684.040, which causes the decline again to the first target located at the level of 1649.660 and the second target is located at the level of 1627.034, to maintain the negative scenario, we must maintain the level of 1684.040 and not record a high above
Breaking the 1684.040 level and recording a top above it, the next target for gold will be at 1710.049

Crude Oil

Crude oil is still trading in the bullish trend in the medium term and has become close to the resistance line at 92.66, which can decline to 88.76 before completing the bullish trend and breaching the 92.66 level and recording a new high above this level, and if a candle closes on the daily frame above 92.66 it will be Next target at 97.16

The most important economic news and data for this week

Thursday 10 November

US dollar: Consumer price index

Friday 11 November

British pound: Gross domestic product
US Dollar: Michigan Consumer Confidence Index