Weekly Overview

US Dollar Index

Last week was important for the US dollar, as it included the interest rate decision by the Federal Reserve and raising the interest rate by 25 basis points, as indicated by expectations, and employment data, which had the greatest influence on the markets in general, especially the US dollar, as it recorded the highest result since July 2022 with 517 thousand, which is the highest since 4 For months, the employment data pushed the US dollar index to breach the level of 102.655, and this indicates a change in the trend from bearish to bullish on the four-hour chart.
Traders should monitor the level of 103.510 in the event that it is breached upwards, as the dollar index target is located at the level of 104.710, and the decline to the level of 101.700 represents a new buying opportunity for the US dollar
Note: The US dollar is awaiting the speech of Federal Reserve Chairman Jerome Powell tomorrow, Tuesday 6/2023, which will have a direct impact on the marketsgold

Gold

Gold declined by about 4%, with the rise of the dollar index, to record a new low at the level of 1863.323, and every rise in gold is only corrective, and the general trend now is bearish, and the level of 1910.17 represents a selling opportunity, and the target is at the level of 1865

Crude Oil

Crude oil is still trading in a general bearish trend, as it failed to reach the highest peak of 83.61, and now it is trading in a general bearish trend on the four-hour chart as well, and the rise to 77.10 represents a selling opportunity again to 74.38, on the condition of maintaining 77.89 and not recording a top above

The most important news and economic data for this week

Tuesday, February 7th

Australian Dollar: rate decision by the European Central Bank
US Dollar: Speech by Federal Reserve Chairman Jerome Powell
Canadian Dollar: Speech by Bank of Canada President Tiff Macklem

Friday, February 10th

Sterling Pound: Gross Domestic Product
Canadian Dollar: Employment Change and Unemployment Rate
US Dollar: Michigan Consumer Confidence Index