Technical and economic analysis of Arab Forex:
Technical and economic analysis for this week reveals a group of the most important economic news items that will affect the global financial markets, at the top is the US GDP, which shows us the magnitude of the activity of the US economy and its productive capacity in the markets.
The value of the gross domestic product index will be announced next Thursday at exactly 3:30 p.m. Saudi time, which corresponds to August 25 for the current year 2022.
During the same day’s trading, we follow with the European Central Bank their regular bulletin issued by the Monetary Policy Committee meeting, which will surely reveal to us the European Central Bank’s intention regarding interest rates in the remaining months of 2022.
During the week’s trading, we find that other economic news is not having a strong impact on the price action, confirming that calm and volatility are dominating this week’s trading. As for the gold price, we will be monitoring the key trading opportunities during the second part of the weekly report.
Technical and Economic Analysis and Key Trading Opportunities:
We note that the current week offers many ideal trades for many financial instruments such as gold, oil, bitcoin and other currency pairs and we will discuss these opportunities.
As for the equity indices, we note that the Dow Jones index presents strong sell opportunities which we expect to reach 32244 in the coming period, but it must be noted that the target is a long-term target which we expect in fourth quarter of the current year 2022.
Technical and economic analysis of the euro against the dollar:
The Euro currency against the US Dollar saw intense selling ahead of the last week’s close which has caused a state of concern among many traders, but it should be noted that the Euro rates against the Dollar have touched key levels between 1.0013 and 0.9952 which are key demand levels that are expected to rise in the coming period.
In the event that prices react to the above demand areas, prices will gradually increase until they reach their final target at 1.0150, then we notice downward movement again on reaching the target we mentioned.
Technical and Economic Analysis of Gold Prices:
Gold prices are moving within the downwave we referred to in last week’s analysis video where we indicated that there is an excellent supply area between the 1804 and 1814 levels and indeed once prices hit these areas selling power dominated and started falling sharply, this decline extended to the 1747 level by the close of last week.
The confirmations of the pullback we were referring to was the break of the 1783 levels and consolidation below to allow the pullback to continue, which was accomplished exactly as we stated.
We expect the prices to continue falling in the coming period and reach a level of 1725, which are areas of strong demand. We expect prices to rise once these levels are reached. It must be noted that gold prices are influenced by many global economic variables. This can affect prices at any time. Therefore, we recommend you to be among the members of the Arab Forex Corporation Telegram channel to receive all updates related to the analyzes as soon as they are published.
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Pros and Cons of Forex Trading:
The main features of forex trading:
Enormous liquidity and high trading volume in forex trading
Forex trading is decentralized – OTC
Easily track the forex market and limit currency news
The opportunity to make a profit while currencies are rising or falling
The possibility of trading small amounts thanks to financial leverage
Easy opening of a real account in Forex
Disadvantages of forex trading:
The level of volatility and price activity
The high risk
Weakness in the supervisory or regulatory aspect