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GBP/USD

The British pound rallied significantly during the course of the week, and it now appears as though it has been trying to break out to the upside. The 50-week EMA continues to offer support, and now it looks like the British pound may try to take out the 1.26 level.

Ultimately, this currency pair looks like it could break out to the upside if given enough time. However, traders may find it more effective to approach this as an opportunity to buy on dips more than anything else.

EUR/USD

The euro initially tried to rally during the week as well, as it reached the 200-week EMA. The pair pulled back from there, but now it looks as if it will continue going back and forth, with the 1.10 level offering a bit of a magnet for price.

Ultimately, if the pair were to break down below the recent bottom, then it could go looking to the 1.09 level next. On the other hand, if it were to take off above the top of the candlestick, then it’s possible that it could instead go towards the 1.1250 level.

Gold

Gold markets experienced a somewhat choppy week, but at this point, it looks like the yellow metal is going to continue dancing around the $2000 level. This is a market that I think will continue to see a lot of noisy behavior, and perhaps it may even see a pullback in order to find a certain amount of value underneath.

After all, the market has been very strong for a while, but the last couple of weeks have basically been a grind. On the other hand, if gold can break above the high from two weeks ago, then it would open up the possibility of a move to the $2100 level. I think this will continue to be a “buy on the dip” opportunity, but it isn’t as aggressively bullish as it once was.

USD/CAD

The US dollar rallied during the course of the week, but it gave back quite a bit of the gain later in the week against the Loonie. The market continues to look like it’s in an overall consolidation period, but if it can break above the top of the candlestick, then it’s possible that we could see this market go looking towards the 1.38 level.

On the other hand, if the currency pair were to break down below the bottom of the candlestick, then it’s very possible that the 50-week EMA underneath would get targeted, which is a little closer to the 1.34 level.

WTI Crude Oil (US Oil)

The West Texas Intermediate crude oil market initially fell during the course of the week, but it found a little bit of support on Friday to form a more positive tone.

That being said, the market continues to see a lot of concern about whether or not there is going to be enough demand. Thus, crude oil may likely continue to bounce around in the general vicinity between the 200-week EMA in the 50-week EMA. Ultimately, the $77.50 level should offer a little bit of a magnet for price.

USD/CHF

The US dollar moved back and forth during the trading week, as we continued to see concern as to what is going to happen with the US dollar. Furthermore, you also have to keep in mind that Wednesday features the Federal Reserve announcement, which will have major implications for the greenback.

It’s also worth noting that the CHF0.88 level is an area that’s been significant before, so I think a little bit of a bounce may be likely. However, if the currency pair were to break down below this level, it could send the US dollar into a bit of the free-fall against the Swiss franc.

S&P 500

The S&P 500 initially pulled back a bit during the trading week, but it then turned around to show signs of life again. I think the S&P 500 will take off to the upside if Wall Street decides to ignore the Federal Reserve. So far, that’s been the case, and I think it will continue to be a plausible outcome. On the other hand, if the S&P 500 were to break down below the bottom of the candlestick, then it could go looking toward the 4000 level.

Bitcoin

Bitcoin recovered quite nicely during the course of the week, with the $30,000 level being targeted yet again. This has been a treacherous area in the market, and I think that will continue to be the case. If Bitcoin can break cleanly above the $31,000 level, that could open up a move to the $35,000 level. On the other hand, if it were to falter at that level, I would not be surprised at all to see a return to the $26,000 level.

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