Weekly Overview 11/7/2022

US dollar index

The US dollar index is heading in an upward general direction, forming higher tops and bottoms, and the employment report last Friday recorded a positive reading, which supported the bullish trend. The next target is at 107.785, in case the 106.610 level is lost and the four-hour candle closes Below it, we will witness a decline for this indicator to levels of 105.560

Gold

Gold fell last week about 4.77% to trade at 1722,671 levels, and this level will not be traded by gold since September 30, 2021. If the 1716.985 level is breached, we will witness a decline in gold to 1676.042 levels

Crude Oil

Crude oil fell about 12.61% last week to trade at its lowest level in 3 months. The next target for oil is at the level of 93.98 at least, and if the 103.26 level is breached, the 107.53 and 105.89 areas will be selling opportunities again for oil. The target is the previous bottom, ie the 93.98 level

Euro against US dollar

The euro fell against the US dollar last week by about 3.32% to trade at levels of 1.00690, which it will not visit for 20 years. The next target for the euro is at the level of 0.98653, and breaching the bottom recorded last week at the level of 1.00690 supports the negative scenario And no upward correction

British pound against the US dollar

Like other major currencies, the sterling pound recorded a new bottom against the US dollar below 1.19367 levels to complete its bearish trend

US dollar against the Canadian dollar

Last week, the US dollar rose about 1.71% to reach the level of 1.30756, which is the youngest peak recorded by this pair.
Traders should pay attention to the possibility of this pair entering a horizontal zone and volatile trading due to the formation of two equal tops at 1.30756 and equal bottoms at 1.28604. Breaking the tops will indicate more highs for this pair, and breaking the bottoms will indicate a decline in this pair and the target is the least at Level 1,26361

US dollar against the Japanese yen

We mentioned before that this pair entered a sideways zone between the 137.150 level as a resistance line and the 134.284 level as a support line, and we are waiting for a clear breach of one of the two levels

 US dollar against the Swiss franc

After breaching the slant resistance line and retesting it, the pair rose about 2.15%, and the target is still at 0.99312

Australian dollar against the US dollar

This pair is trading in a general bearish direction, recording lower bottoms than each other, and the last recorded bottom is at the level of 0.67618. The pair is trading between the level of 0.69201 as a resistance line and the level of 0.67618 as a support line, as well as a triangle formation, which is a negative pattern to complement the trend. The closest scenario is the breach of the support line while maintaining the 0.69201 level and not breaching it upwards. In case the support line is breached, the next target is at the 0.66185 level

New Zealand dollar against the US dollar

Like the Australian dollar, the New Zealand dollar is trading in a general bearish trend and forming lower bottoms than each other, the price movement will not indicate clear opportunities and a clear movement for traders, but the corrective decline to the levels of 0.62246 and 0.62427 will be opportunities for this pair to decline again to the level of 0.61412

The most important economic data for this week

Tuesday 12th July

Pound Sterling: Bank of England Governor's Speech
New Zealand Dollar: Bank of New Zealand Interest Rate Decision

Wednesday July 13

US dollar: Consumer price index
Canadian Dollar: Central Bank of Canada Interest Rate Decision
Australian Dollar: Employment Change Report
Unemployment rate

Thursday 14 July

US Dollar: Producer Price Index

Friday 15 July

US dollar: retail sales
A preliminary reading of consumer confidence