Market News

EURUSD Weekly Report

The euro spent last week in a downward trend, opened last week at the level of 1.1021, and reached its highest level at 1.1053, and its lowest level was at 1.0898, and the closing price was at the level of 1.0911.

The most important economic events that affected the euro last week

• US Consumer Price Index (CPI) monthly US Consumer Price Index (CPI): One of the most important economic data affecting the EUR is the US Consumer Price Index. Where this indicator indicates the level of inflation in the United States, and when the level of inflation in the United States rises, this means the possibility of a rise in interest rates in the United States, and therefore the euro may be negatively affected due to the link between the US dollar and interest rates.
• Unemployment Claims: This news indicates the number of people who applied for unemployment benefits in the United States during the past week. When the number of orders rises, this indicates deterioration in the state of the US economy.
• Core PPI m/m and PPI m/m: This news indicates the level of inflation in the United States, and when the level of inflation rises, this means the possibility of a rise in interest rates in the United States, and therefore the euro may be negatively affected due to the link between the US dollar and interest rates.

Economic news that will affect the euro this week

• Empire State Manufacturing Index
• Claimant Count Change
• Unemployment Claims
• Claimant Count Change

Technical analysis of the euro dollar

According to the current technical analysis, the chart shown below indicates that the euro may fall against the US dollar. Selling can start from the current closing price of 1.0911, with consolidation of selling if 1.0880 is breached. The strong support line is targeted at 1.0835. It is recommended to place a stop loss point at the resistance line 1.0976, as breaching this level will be considered a sign of the possibility of the pair rising again. The chart should be monitored to identify any changes in trend and make appropriate decisions accordingly.

The current technical data from the chart shown below indicates that the Euro may head higher against the US Dollar. Buying can be started from the current closing price of 1.0913, with consolidation of buying from level 1.0944. The strong resistance line is targeted at 1.1003. A stop loss point is placed at the support line at 1.0850

 

GBPUSD Weekly report

The pound dollar fell last week, as it opened last week at levels of $1.2629, reached its highest level at $1.2678, and its lowest level at $1.2453, and closed the week at $1.2633.

During the past week from May 7 to May 12, 2023, the British Pound experienced an impact from several economic events, including:

• BoE meeting: The Bank of England’s Monetary Policy Committee meeting will be held on Thursday 11th May to discuss interest and inflation policies. Any change in interest policies is likely to lead to big moves in the GBP market.
• Economic reports: A number of important economic reports are scheduled for release in the UK over the coming week, including inflation and CPI data on Tuesday, May 10th, and retail sales data on Thursday, May 12th. These reports are expected to affect the strength of the pound and its ability to withstand other currencies.
• Trade talks between the United Kingdom and the European Union: Trade talks between the UK and the European Union are due to resume soon, and this is likely to weigh on the British Pound should there be any positive or negative developments.

This week is expected to be important for the British economy and the pound sterling, as a number of economic events and reports are expected to be announced that will affect the strength of the pound. Among these events:

• Claimant Count Change
• Unemployment Claims
• M / M Core Retail Sales m / m
• BOE Gov Bailey Speaks

GBPUSD Technical analysis

Based on the chart attached below, it is clear that the pound dollar is showing a downward trend. Thus, a logical selling operation can be considered, by selling the pair from the current closing area at 1.2527. Hence, selling can be strengthened from level 1.2485, and continue to drop to target level 1.2425. Note that the level of 1.2587 represents an appropriate and acceptable stop-loss area, as the deal is automatically exited if the price reaches this level.

On the other hand, in case of testing the opposite direction, we will buy from the closing area at the level of 1.2528 and consolidate the purchase from the area of 1.2566, thus we can target the level of 1.2620, and the stop loss level should be placed at the level of 1.2466.

 

Gold weekly report

Gold witnessed a decline last week, as it opened the week at the level of 2015 dollars an ounce, and reached its highest level to 2048 dollars an ounce, and its lowest level to 2008 dollars an ounce, and closed the week at the level of 2004 dollars an ounce.

Gold Technical analysis

From the graph, we can see the potential for an upward reversal from the current point. Therefore, we will buy from the closing point of 2004 and sell from the point of 2016.
Similarly, we are targeting 2033 as a profit-taking area, where strong support is expected. We will place the stop loss at 1986 to reduce the risk.

On the other hand, in the case of testing the direction opposite to our expectations, we will buy from the closing area at the 2003 level and strengthen the purchase from the 1992 area, and therefore we can target the 1974 level, and the stop loss level should be placed at the 2026 level.

 

Dow Jones Weekly Report

Last week, the Dow Jones index witnessed a decline, as it opened the week at the level of $33,620, reached its highest level at $33,782, and its lowest level at $33,124, and closed the week at $33,421.

Technical analysis of the Dow Jones index

From the chart, we can see the potential for a downward reversal from the current point. Therefore, we will sell from the closing point at 33403 and consolidate the sale from point 33234.
Likewise, we target 32925 as a profit-taking area, and we will place a stop loss at 33612 to reduce risks.

On the other hand, in the case of testing the direction opposite to our expectations, we will purchase from the closing area at the level of 33407 and strengthen the sale from the area of 33569, and therefore we can target the level of 33811, and the stop loss level should be placed at the level of 33119.

You should be aware that this analysis is based on expectations and expected results may not be achieved. It is important to be cautious and make investment decisions carefully based on technical analysis, economic news and other relevant information.