Weekly overview 10/3/2022

US Dollar Index

The US dollar index declined from its highest level of about 2.84% to trade at the level of 112 at the beginning of this week's trading. 110.220 represents the last support line for this indicator to maintain the bullish trend, in case it is breached, the possibility of a decline becomes higher than before.
Note: An important week for the US dollar index as the markets await the two US employment data on Friday, October 7th

Gold

With the corrective decline of the dollar index, gold rose about 3.36% to touch the 1672 level, which represents a selling opportunity for gold again, and also formed rebounds from this level, which supports its importance as well as the decline again, the next targets for gold are at 1632,202 and 1616 levels 134, the goals remain in place in the event that we do not witness any daily closing above the level of 1687,756

Crude Oil

Crude oil rose about 8.25% to erase all its losses recorded in the previous weeks, but this decline is corrective on crude oil, the daily frame shows the bearish trend and the new recorded lows
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

Several factors contributed to the rise of the euro last week, most notably, the decline in the US dollar index, the speech of European Central Bank President Christine Lagarde, where she spoke in an emphatic tone about her willingness to raise interest rates and the release of inflation data for the euro area, where the consumer price index rose to touch an average of 10% All these factors contributed to the rise in the price of the euro, but this rise is only a corrective one to complement the bearish trend. The prices traded by the euro at the moment represent good selling opportunities to decline through this pair to target 0.96075 again, but it is better to maintain the 0 level. 990774 and not recording a top above, if the top of the highest level 0.99074 is recorded, we will have a deeper bullish correction for the euro and touch the parity level again

British Pound against US Dollar

After the sterling pound recorded its lowest level in its history against the US dollar, it rose again with the dollar index retreating to touch the 1.12800 level, and this level is located at between the 78% and 88% level of the Fibonacci tool, which allows it to be an attractive level for the decline of the pound Sterling again against the US dollar, but the 1.14614 level must be maintained to keep the negative scenario in place

US Dollar against Canadian Dollar

With the decline in the dollar index, it was expected that the US dollar pair would decline against the Canadian dollar, but the decline was not in line with expectations, as this pair fell only 1.70% and then bounced up to erase all its losses again. The expected scenario for this pair is positive, but not recording A new top or a new bottom, and the pair enters a horizontal trading range between 1.38342 as a resistance line and 1.36025 as a support line, the best scenario is to break through the support line and fall back to 1.32498 or levels close to it to rise again

US dollar against the Japanese yen

The US dollar against the Japanese yen pair is trading in a general bullish trend. Traders should monitor the 145.900 level, in case it is not breached upwards, the possibility of a drop will rise again to the 141 level, and trading in a horizontal range for this pair, while awaiting the US employment data on Friday, as for breaching the 145 level. 900 up, so the next target will be at 146.970

Australian Dollar against US Dollar

The pair is trading in a general bearish trend to touch the lowest level in two years, in the event that the level of 0.65430 is maintained, the goal is to record a new low and complete the bearish trend, but in the event of breaching the level of 0.65430 upwards and closing a candle on the above daily frame, the next push for the Australian dollar It is located at the level of 0.66389

Note: The Australian dollar is awaiting the interest rate decision issued by the Reserve Bank of Australia on October 4th

New Zealand dollar against US Dollar

This pair is trading in a horizontal trading range between the level of 0.57545 as a resistance line and the level of 0.55860 as a support line. Strong support is located at the levels of 0.55860 and 0.54720, but in the event that the aforementioned support line is breached, the next target for this pair is located at the level of 0.54720

Note: The New Zealand dollar is awaiting the interest rate decision issued by the Central Bank of New Zealand on October 5

The most important economic data for this week

Monday 3 October

US Dollar: Institute of Supply Management (ISM) Manufacturing Purchasing Managers' Index

Tuesday 4 October

Australian dollar: the interest rate decision issued by the Reserve Bank of Australia
US dollar: job opportunities

Wednesday 5 October 

New Zealand Dollar: Bank of New Zealand Interest Rate Decision
US Dollar: ADP . Nonfarm Private Sector Employment Change
ISM Non-Manufacturing Purchasing Managers' Index

Thursday 6 October

US Dollar: Unemployment Claims Rate
Canadian Dollar: Ivey PMI

Friday 7 October

US dollar: unemployment rate
Non-agricultural private sector employment report
Canadian Dollar: Employment Change Rate
Unemployment rate