Weekly Overview

US Dollar Index

On the medium-short term, this index is trading in a general upward trend, and this is shown by the four-hour frame. However, on the daily frame, the dollar index is still trading in a general bearish trend, and the expected levels for reversal and decline are 101.715 and 102.400.
Note: This week, the markets are awaiting the interest rate decision by the Federal Reserve, as expectations indicate an increase of 25 basis points

Gold

With the recent decline of the dollar, gold rose again to trade in a general bullish trend, and the retreat to the level of 1954.71 represents a buying opportunity to target the level of 1984.51, breach the level of 1945.45, and record a bottom below on the daily frame, indicating a change in the trend from bullish to bearish
Note: The Fed's interest rate decision and the Fed Chairman's speech directly and strongly affect gold prices

Euro against US Dollar

A negative start for the euro compared to the dollar with the opening of trading sessions this week as a result of the negative economic data recorded in France, Germany and the eurozone as a whole, as they all recorded a noticeable decline in the industrial and services PMI
Technically, we are trading in a downward trend on the euro against the dollar, to target at least 1.10022, before thinking of rising again
Note: The markets are awaiting the interest rate decision by the European Central Bank after the Federal Reserve on (Thursday, July 27) and expectations indicate an interest rate hike of 25 basis points (this pair will be the most volatile during this week as a result of the important economic news for the euro and the dollar)

British Pound against US Dollar

This pair is trading in a bullish trend over the medium term for the short term, as a corrective decline, to complete the general bullish trend on the daily chart.
The best scenario for this pair is to retreat to touch the levels of 1.27975 and 1.27068, then change the direction on the four-hour chart from bearish to bullish, to create a buying opportunity with the general trend on the long term.

US Dollar against Japanese Yen

The direction of this pair has changed after a decline in the recent period, to become trading in a general bullish trend, forming peaks higher than each other, away from the economic news and from a technical view, the decline to the level of 140.220 represents a buying opportunity to target the level of 141.925, breaching the level of 139.178, and recording a bottom below that cancels the positive scenario
Note: This pair is facing a hot week, as it will not only be satisfied with the interest rate decision from the Federal Reserve, but we also have the interest decision by the Japanese Central Bank, and expectations indicate that the interest rate will remain at -0.1%.

Australian Dollar against US Dollar

This pair is trading in a downward trend over the medium term for the short term, and the rise to 0.68192 represents a selling opportunity to target 0.67428, and breaching 0.68473 and recording a top above eliminates the negative scenario.
Note: On the morning of Wednesday, July 26, markets are awaiting inflation data for Australia, where expectations indicate that the consumer price index will decline on an annual basis to a rate of 5.5%

The most important news and economic data for this week

Monday 24 July

US dollar: services and manufacturing PMI

Tuesday 25 July

US Dollar: Consumer Confidence Index

Wednesday 26 July

Australian Dollar: Consumer Price Index on an annual basis
US dollar: interest rate decision by the Federal Reserve

Thursday 27 July

Eurozone: rate decision by the European Central Bank
US Dollar: Gross Domestic Product (QoQ)
Unemployment claims rates

Friday 28 July

Japanese Yen: interest rate decision by the Japanese Central Bank
Eurozone: German (monthly) CPI
Canadian dollar: gross domestic product on a monthly basis
US dollar: personal consumption expenditures index
Employment cost index for the second quarter
Michigan Consumer Confidence Index