Weekly Overview

US Dollar Index

The US dollar index declined about 4.21% under pressure from the inflation data issued, as it recorded a decline to 7.7%, which affected in a very negative way for the US dollar and indicated the possibility of reducing or easing the pace of raising interest rates in the upcoming meetings, which supports further decline of the US dollar
Technically, for the first time in more than a year, the dollar index recorded a bottom below the level of 107.670, which gives a confirmation signal to change the direction from bullish to bearish, and traders should monitor two levels, the first level is located at 108.320, which in turn represents a level from which the dollar index declines again to complete the bearish trend ( This scenario is for the medium-to-short term), as for the second level, it is the breach of the 108.320 level and the closing of the four-hour candle above to go to the level of 110.250, which represents a second level for this indicator to decline, and the target is at the level of 106.500

Gold

With the decline of the US dollar index, gold prices witnessed increases of about 9.55% from the support line located at the level of 1632.264, and recorded new peaks, as it hints at a change in the bearish trend to an upward trend, with an expected rise for the dollar index in the medium term. 1771.489, but in the event that the level of 1747.417 is breached, we expect the corrective decline for gold to the level of 1712.630, which represents a second buying opportunity, and the target is at the level of 1771.489

Crude Oil

Crude oil maintained the top at 92.66 and will not record a top above it, to decline again and record a bottom below the low high at 87, which indicates a change in the trend in the medium term from bullish to bearish. A rise to 90 represents a good selling opportunity for oil on the condition No peak was recorded above 92.92 and the target is at 84

The most important economic news and data for this week

Tuesday 15 November

Australian dollar: Monetary Policy Committee meeting minutes
British Pound: rate of change in unemployment
US Dollar: Producer Price Index

Wednesday 16 November

Australian Dollar: Wage Price Index (QoQ)
British Pound: Consumer Price Index
Inflation Report Hearing
Canadian dollar: Consumer Price Index
US dollar: retail sales

Thursday 17 November

Australian dollar: rate of change in employment
Unemployment rate
Euro: Consumer Price Index