Weekly Overview

US dollar index

Last week was volatile for the US dollar after it recorded a decline of about 0.82%, only to rise again at the end of the week by about 1.09%. Now on the daily frame, this indicator is trading in a general bearish direction, but it is waiting to record a peak of the highest level at 104.405 to complete the upward trend, but at the present time maintaining two levels of 104.405. And 102.925 indicates sideways trading, and this is expected as the markets await the inflation data issued next week and then the subsequent interest decision

Gold

Gold is trading in a general upward trend after the US dollar declined last week, which supported gold’s rise and changed its direction in the medium-term to the long-term from bearish to bullish, and not recording a bottom on the four-hour frame below the level of 1937.93 maintains the positive scenario

Crude Oil

Last week, crude oil witnessed an increase of 7.55% as a result of the supply reduction by OPEC + leaders, which will lead to a tightening of the market after Russia’s statements and expectations that Saudi Arabia will continue its voluntary reduction. Technically, after rising and recording a new peak, the highest level of 83.61, the decline to the levels of 81.01 and 79.61 represents A purchasing opportunity to target the 84.91 level, and the negative scenario will be canceled if the 77.88 level is breached and a candle below is closed on the daily frame

Euro against US Dollar

The euro fell again below the 1.08 range, which is considered an investment opportunity in the long term. As for the short-term medium term, the euro is trading against the US dollar at purchasing levels, and the targets are divided at the levels of 1.08318 and 1.09182. As for the positive scenario, it will be canceled in the event of recording a bottom at the lowest level of 1.07655

British pound against US Dollar

This pair is trading in a general downward trend, forming lower lows, and there is no selling opportunity at the present time, waiting for a new low to be recorded below the level of 1.25483 to confirm the downward momentum, and breaching the level of 1.28174 and recording a peak above it indicates a change in the trend from bearish to bullish

US Dollar against Japanese Yen

This pair is the most attractive in the financial markets as a result of the monetary policies we are witnessing between the Japanese Central Bank and the Federal Reserve. Of course, we are talking about a weakness in the Japanese yen and a strength in the US dollar, which means buying this pair.
Technically, maintaining the level of 144.449 maintains the positive scenario. The targets are divided into levels 147.256 and 150

The most important news and economic data for this week

Monday 4 September

Holiday to the United States and Canada
Eurozone: Speech by the President of the European Central Bank

Tuesday 5 September

Australian Dollar: Rate decision by the Australian Central Bank

Wednesday 6 September

Australian Dollar: Gross Domestic Product (Q3)
Canadian Dollar: Interest rate decision by the Central Bank of Canada
US Dollar: Services PMI

Thursday 7 September

Australian Dollar: Speech by the Chairman of the Australian Central Bank
US Dollar: Unemployment Claims Rates
Canadian Dollar: Speech by the Chairman of the Central Bank of Canada

Friday 8 September

Canadian Dollar: Rate of change in employment
Unemployment rate