Weekly Overview 1/8/2022

US dollar index

The slowdown in the economy calms expectations that the Federal Reserve will raise interest rates, as well as raising interest rates, as expectations indicated by 75 basis points last week, which pushed the US dollar to decline to its lowest level in three weeks.
This indicator is still trading in a bearish direction over the medium term (the four-hour frame), and the upcoming targets are the level of 105.035, which has become close to the level of 103.800, which represents the last target of the negative frame
Note: This week includes many important economic data for this indicator, most notably the employment data on Friday

Gold

With a decline in the dollar index, we are witnessing a rise in gold for the second week in a row, to reach the level of 1772.985, which represents a dividing line between the rise of gold to enter the 1800 range again, and the rebound from it again to decline to the level of 1730
To confirm the positive frame on the price, we close a candle on the daily frame above the level of 1772.985

Crude Oil

The rise in recession fears is pressuring oil prices, the target is still at the 87.34 level, on the condition that we maintain the 102.75 level and not close a candle on the daily chart above this level

Euro against US Dollar

More brilliance for the euro against the US dollar after the Fed’s announcement of the interest rate decision, bringing this pair close to breaching the 1.02797 level

British Pound against US Dollar

With the start of this week's trading session, this pair rose about 0.63% to complete the bullish trend in the medium term
The 1.23310 level represents the first resistance line that can bounce from it or change the direction from bullish to bearish

Note: Thursday August 4 is an important day for the British pound due to the interest rate decision issued by the British Central Bank

US Dollar against the Canadian dollar

The US dollar fell against the Canadian dollar to record a bottom below the level of 1.28198, which represents a dividing line to determine the direction
Closing below this level indicates a reversal signal from the bullish trend to the bearish trend, and the next target for this pair is at the level of 1.26369

US Dollar against Japanese Yen

The US dollar continues its decline against the Japanese yen for the third week in a row, to approach the 131.491 level, which represents an important support line, but traders should pay attention that this pair has turned into a general bearish trend on both the daily and the four hours

Australian dollar against the US dollar

The Australian dollar continues its brilliance with the decline of the US dollar to approach the level of 0.70692, which represents an important resistance line from which it may rebound to the downside or face some difficulties to breach it upwards and complete its upward trend
Tomorrow (Tuesday 2 August) is an important day for the Australian dollar due to the interest rate decision issued by the Reserve Bank of Australia

The most important economic data for this week

Monday 1 August

US Dollar: Manufacturing Purchasing Managers' Index (ISM)

Tuesday 2 August

Australian Dollar: Reserve Bank of Australia rate decision
US dollar: job opportunities

Wednesday 3 August

New Zealand dollar: rate of change in employment
Swiss Franc: Consumer Price Index
US Dollar: Non-Manufacturing PMI (ISM)

Thursday 4 August

British Pound: Bank of England interest rate decision

Friday 5 August

US dollar: Employement change
Unemployment rate
Canadian Dollar: Employment Change Rate
Unemployment rate