Weekly Overview 26/9/2022

US Dollar Index

The Federal Reserve raised US interest rates by 75 basis points, bringing the interest rate to 3.25% in the United States, and this is motivated by the fight against high inflation rates, which led to the rise of the dollar index by about 3.24%, to trade at the level of 113, the highest level in 22 years.
The trend is still bullish for the dollar index and the decline is corrective only to complement the general positive trend, and the levels of 111.120 and 110.720 represent important levels to rise again for this indicator, and to maintain the level of 110.220 and not to penetrate it downwards

Gold

Gold fell at the end of last week about 2% to touch the level of 1632,274, which gold has not touched for two years, and of course this decline came as a result of the strength of the US dollar, which pushed gold to decline in this way
Traders should monitor the 1687.756 level, which should not be breached upwards to maintain the bearish trend, the 1676 level, which represents a selling opportunity for gold again to target 1632,264 once again.
The above-mentioned scenario remains valid until recording a new bottom on the daily frame below the level of 1626.770

Crude Oil

Negative pressures still dominate the oil markets, to decline last week by about 8.34%, which led to recording a bottom below the 81.51 level, which indicates further decline for the next target located at the 73.13 level.
The corrective rise represents new selling opportunities for crude oil and the selling levels are three,
The first level is located at the 50% level of the Fibonacci tool, located at the level of 84.87
The second level is located at the level of 78%, located at the level of 86.93
The third level is located at the level of 88%, located at the level of 88.10
Finally, to maintain the negative scenario, the level of 89.60 must not be breached upwards

Euro against US Dollar

The Fed's rate hike and the dollar's strength pushed the euro to its lowest level in twenty years
Traders should monitor today’s closing on the daily frame. If a positive closing occurs, this constitutes a positive pattern called the hammer that could give some corrective rise to the euro to levels of 0.98069 at least, but every rise that gets to the euro is corrective to complete the bearish trend

British pound against the US Dollar

Last week, the British Central Bank raised interest rates by 50 basis points, which is required for more tightening, which negatively affected the currency on the one hand, and on the other hand, the rise of the US dollar pushed the British pound to trade at its lowest levels in its history to approach the parity point with the US dollar, which is not Far from touching it, every correction for this pair represents selling opportunities for this pair. If today's candle closes on the daily chart positive, we will witness a scenario similar to the euro, a corrective rise to 1.13507 levels before completing the bearish trend

US Dollar against the Canadian Dollar

The pair rose to its highest level in two years at 1.366, and the next target for this pair is still far away at 1.38664

The most important economic data for this week

Tuesday 27 September

US dollar: Federal Reserve Chairman Jerome Powell's speech
Basic durable goods orders
Consumer Confidence Index
home sales

Wednesday 28 September

US dollar: Federal Reserve Chairman Jerome Powell's speech

Thursday 29 September 

Canadian dollar: Gross Domestic Product
New Zealand Dollar: Speech by Central Bank of New Zealand President Andrian Orer

Friday 30 September

US Dollar: Core PCE Price Index
Euro: Consumer Price Index