Weekly Overview

US dollar index

The US dollar index declined as a result of the negative employment data issued on Friday (less than the previous month by approximately 290,000 jobs, although it is higher than expectations), as well as the noticeable rise in the unemployment rate, and on the other hand, the Silicon Valley Bank crisis and the market’s expectations of a retreat from monetary tightening and an interest rate hike at its meeting The next one is on March 22, which pushed it to trade below the level of 104.030, but if a low of 103.590 was not recorded on the daily frame, the general trend of the dollar index remains positive.

Note: The US dollar in particular and the markets in general are awaiting the consumer price index statement tomorrow, as it will be a very serious and important signal for the next phase of monetary policy

Gold

Gold rose at the end of last week and the beginning of this week by about 3.48%, with the decline of the US dollar, to break through high bottoms on the daily and four-hour time frame, to change the direction of gold in the medium to long term. Inflation data for the United States tomorrow, March 14, will have a major role in gold’s movements for the coming period.
Technically, gold is trading in a general upward direction, and touched the level of 1890.429, which represents an important resistance line for gold. Traders should monitor gold on the daily frame, in the event that it records a peak on the daily frame, the highest level of 1890.429, so the target for gold is at the level of 1909.326, but if gold retreats and breaches the 1866.532 On the hourly chart, we will witness a decline in gold in the short term to the level of 1837.130, and it will be corrective for the bullish trend in the medium term for selling

Euro against US Dollar

The euro shined with the decline of the US dollar, to breach 1.07044 on the four-hour chart as a confirmation signal of the trend change from bearish to upward, but traders should monitor the daily frame as we will not witness any sign of ascending, but the rise is only corrective, and the price has the right to rise to 1.08049 as a correction to complete the trend. Bullish, and in the event that the highest level of 1.08049 is recorded on the daily frame, we will have a reversal signal for the long-term rise of the euro against the US dollar.
If the price declines and breaches 1.07044 on the four-hour chart, and records a bottom below, it will be a selling opportunity again for this pair, and the target is at 1.0550

Note: The Eurozone is awaiting the European Central Bank's interest rate decision on Thursday, March 16th

British pound against the US dollar

This pair is trading in a general downtrend, forming bottoms below each other, and the recent rise is corrective, and the level of 1.21699 represents a selling opportunity on this pair in the long run, and the target is at the level of 1.18596, to maintain the negative frame on the price, not to record the top of the highest level at 1.22724

US Dollar against Canadian Dollar

The first scenario: On the four-hour chart, the pair retreated and recorded a bottom below the level of 1.37522, which indicates a reversal signal for the bearish trend in the medium term. The rise to the level of 1.38275 represents a selling opportunity for this pair, and the target is located at the level of 1.36147. The level of 1.38624
The second scenario: On the daily framework, this pair is trading in a general bullish direction, and the decline to the level of 1.36147 represents a buying opportunity, and the target is at the level of 1.38275, and to maintain the positive scenario on the long term (the daily framework), this pair must maintain the level of 1.35334 and not record a bottom below it

Australian Dollar vs US Dollar

This pair is trading in a general downward trend over the medium and long term, and the rise to the level of 0.67365 represents a new selling opportunity for this pair, and maintaining the level of 0.67840 maintains the negative scenario, and the target is at the level of 0.66000

The most important economic data and news for this week

Tuesday 14 March

US dollar: consumer price index

Wednesday, March 15th

US dollar: producer price index
Empire State manufacturing Index
retail sales
New Zealand dollar: GDP
Australian dollar: rate of change in employment
Unemployment rate

Thursday, March 16th

Eurozone: The interest rate decision of the European Central Bank

Thursday, March 17th

US Dollar: Prelim UoM Consumer Sentiment