Weekly Overview

US Dollar Index

Positive signs were recorded by the US dollar chart on the medium and long term, as it recorded a daily peak, the highest level of 102.480. Also, on the four-hour chart, it is trading in a general bullish trend, forming peaks higher than each other.
There are two scenarios traders should know on this indicator and they are both positive
The first scenario, which applies to the four-hour frame, maintaining the level of 102.610 is a positive sign to target 103,500, while breaching the level of 102.610 indicates the possibility of a decline to the level of 102.040
The second scenario, which applies to the daily frame, to maintain the positive frame on the price, maintaining the level of 102.040 and not recording a bottom below on the daily frame.
Targets are located at 103,500 and 104,040

Gold

Gold retreated from its highest level of about 5.35% to breach the level of 1968.853, which represented the last recorded low rise for gold on the daily frame, which indicates a reversal signal from the bullish trend to the bearish direction, and also forms a negative price divergence on the daily frame with the relative strength indicator (RSI).
In the medium term, the rise to the level of 1984.456 represents a selling opportunity to target the previous bottom at the level of 1960.903, this negative scenario on the four-frame remains valid if the highest level of 1993.033 is not recorded.
Note: Traders should wait for selling opportunities on gold, not buying, until the opposite is proven by price movements

Crude Oil

Nothing new in crude oil prices and scenarios, the decline to 68.50 represents a buying opportunity to target 74.93 in the medium term, and now crude oil has entered a horizontal range between 73.84 and 69.42.

Euro against US Dollar

This pair is trading in a general bearish direction, forming bottoms below each other, and a rise to 1.08305 represents a selling opportunity in the medium term to target 1.07753, and the negative scenario remains valid if the highest peak of 1.08484 is not recorded

British Pound against US Dollar

The British pound against the US dollar is trading in a general downward trend, and if it rose to 1.24866, it will be an opportunity to decline again, targeting 1.24162 on the medium term and 1.23091 on the long term.
The negative scenario is canceled if a candle closes above 1.25105

New Zealand Dollar against US Dollar

The pair rose to the level of 0.63853, which represents an important resistance line that the market touched many times, and failed to reach a top above it, so the price fell again with a clear bearish momentum, forming a negative candle on the daily chart, known as the engulfing candle, which is a negative sign, in addition to changing the trend on the four-hour chart after recording a bottom. The lowest level is 0.63172
The rise to the level of 0.63422 represents a selling opportunity for this pair to target the level of 0.62266, and if the level of 0.63853 is breached and a top is recorded above, the negative scenario will be cancelled.

The most important economic data and news for this week

Tuesday 23 May

Eurozone: Services and Manufacturing PMI for France
Services and manufacturing PMI for Germany
Sterling Pound: services and manufacturing PMI
US dollar: services and manufacturing PMI

Wednesday 24 May

New Zealand dollar: rate decision by the New Zealand central bank
British Pound: Consumer Price Index
US dollar: Federal Open Market Committee meeting minutes

Thursday 25 May 

US Dollar: Prelim GDP (QoQ)
Unemployment claims 

Friday 26 May

US dollar: personal consumption expenditures index