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GBP/USD

The GBP/USD currency pair rallied a bit during the week, but it continued to show signs of exhaustion above the 1.24 level. This was the third week in a row that sellers came in to punish the pound, so I think the pair may reenter the consolidation area.

Obviously, if the currency pair were to break above the 1.25 level, then it could open up a move to the 1.2650 level, possibly even to the 1.30 level. All things being equal, I think it's possible that the pair could head back into the previous consolidation rectangle.

EUR/USD

The EUR/USD duo initially pulled back during the week, but it recovered quite a bit to reach the 1.10 level. This is a psychologically significant figure, and it is worth noting that the candlestick for last week also approached the 200-week EMA.

If the pair can clear that barrier, then it’s likely that the British pound could move to the 1.1250 level, and then possibly the 1.15 level above. If the pair were to break down below the bottom of the weekly candlestick, then it could go down to the 1.08 level, and perhaps down to the 1.06 level after that.

USD/CAD

The USD/CAD currency pair had a strong week against the Canadian dollar, which has been suffering at the hands of a falling crude oil market. With that being the case, it looks like the pair may continue to bounce between the 1.1 bottom and the 1.38 level on the top.

Consolidation should continue to be the main theme here, as the two economies are so heavily intertwined. If the pair were to break above the 1.38 level on a daily close, then a move toward the 1.40 level may be a possibility.

AUD/USD

The AUD/USD pair initially tried to rally during the trading week, but for the fourth week in a row, sellers came in and pushed the Aussie down. In other words, this remains a “fade the rally” type of market until something drastically changes.

The 50-week EMA sits just above the 0.68 level, which is where the resistance barrier currently resides. Because of this, I think it’s going to be even more difficult to get above that point. Therefore, I like the idea of shorting any signs of strength. The 0.66 level should be supported, and the pair were to break it down below there, things could go south rather quickly.

NZD/USD

The NZD/USD pair initially rallied slightly during the week, but it has since fallen quite hard. At this point, it looks like the pair has been trying to break down below the 0.61 level, which could open up a move down to the 0.60 level.

It’s also worth noting that the pair ended up forming a massive shooting star once it pierced the 50-week EMA a couple of weeks ago, and the pair has experienced much negativity since that point in time. I believe fading rallies, and perhaps even just flat-out shorting right away, could be effective given the current environment.

USD/CHF

The USD/CHF currency pair rallied to reach the CHF0.90 level during the week, but it then turned around to show weakness yet again. The pair appears to be getting close to a major block of support, and the euro has also been trying to break out at the same time, which has a huge, negative correlation to this pair.

If the pair were to turn around and take out the 0.90 level, then the Swiss franc would likely get hammered by the US dollar. That being said, based on the candlestick, I think the pair may dig down toward the support which extends all the way down to the 0.88 level. The USD/CHF pair could spend some time consolidating between the 0.88 level and the 0.90 level.

Gold

Gold markets fell a bit during the course of the trading week, as it looks like the $2000 level is going to be a bit too much in the spot market. It’s worth noting that the metal has formed a triple top of sorts, so if it were to take off to the outside and clear the highs of the previous week, it would be a huge victory.

At this point, I think it’s more likely to be a situation where we could see a gold pullback in order to find a bit of value. Signs of support after a pullback should be jumped on, as it will end up being valuable, all things considered.

WTI Crude Oil

The West Texas Intermediate crude oil market fell a bit during the trading week, reaching down toward the gap that occurred a couple weeks ago as OPEC announced a 1.6 million barrel cut to production. That being said, now that the gap has been filled, one must determine whether or not there is enough buying pressure underneath to keep the market afloat.

At this point, I suspect that crude oil is going to see a lot of consolidation, especially between the $83.50 level and the $68.50 level. Oil appears to be stuck in the middle of this range, so it may get a short-term bounce, but I would not read too much into it.

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