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EUR/USD

The EUR/USD currency pair initially tried to rally a bit during the week, but it struggled near the 200-week EMA. By turning around the way it has, the pair looks like it could threaten the 1.09 level underneath.

That being said, I think we are going to continue to see a lot of back-and-forth movement in this space, as the ECB and the Federal Reserve both look like they are going to be tight with monetary policy. Furthermore, it’s August, so many traders aren’t even going to be bothered.

GBP/USD

The GBP/USD pair similarly initially tried to rally during the course of the week as well, but it also found the 200-week EMA to be major resistance. Turning around the way it has, the pair may move to threaten the 1.2650 level underneath.

The 1.2650 level is an area that’s been an important one to watch previously, so it will be interesting to see how this plays out. If we were to see a break down below the 1.2550 level, then it’s likely that the pair could go down to the 50-week EMA. On the other hand, if we were to see a break above the top of the candlestick for the week, it could open up a move to the 1.30 level after that.

USD/JPY

The USD/JPY pair shot straight up in the air during the course of the week, as it was looking toward the JPY145 level. The JPY145 level is an area that has been resistant previously, and therefore it’s likely that we could continue to see the pair go even higher, perhaps reaching the JPY146.55 level or even the JPY147.50 level.

Short-term pullbacks at this point in time should continue to attract buyers, as the interest rate differential between the two currencies should continue to send the market much higher.

USD/CAD

The USD/CAD currency pair experienced a positive week during the last handful of days. That being said, the market seems to have seen a bit of noise near the 1.35 handle, and therefore one should keep an eye on that as potential resistance. If the pair could break above there, then it could go looking to the 1.3750 level.

A short-term pullback at this point in time could make sense, and I believe that the 50-week EMA and the 1.33 level should offer support, as well. That being said, one should pay close attention to oil because the Canadian dollar is highly sensitive to that market.

Silver

Silver collapsed during the week, but it still has been sitting above the crucial $22 level. For myself, $22 is where the “rubber meets the road,” so to speak. If we were to see a break down below there, then the metal could likely continue dropping to the $20 level.

On the other hand, if we were to see a bounce from here, then it could likely go looking toward the $24 level. A lot of this may come down to the usual negative correlation to the US dollar in general.

Gold

Gold markets fell pretty significantly during the week as well, but they have been testing a potential trendline. All things being equal, the 38.2% Fibonacci level may offer support along with the 50-week EMA, which is around the $1900 level.

If the yellow metal were to bounce from here, it would likely cause a slow move to the upside. On the other hand, if it were to break down below the $1900 level, gold would likely try to “reset” near the $1800 level.

Copper

Copper has fallen a bit during the course of the trading week, tumbling toward the $3.75 level. There is a significant amount of support in this neighborhood, but the reason I point out copper is that it is often such a huge indication of how the global economy is behaving.

At this point, it certainly looks negative, so this could be a little bit of a signal as to where stock markets may go. On the other hand, if it turns around here, then it could go looking toward the 50-week EMA, near the $3.88 level. Perhaps more likely, traders may jump into stocks if copper starts to rally.

Nasdaq 100

The Nasdaq 100 had a tough week, initially trying to break above the 15,250 level before turning around and showing signs of weakness. It is now below the 15,000 level, which does suggest that it could continue to go a little lower, perhaps closer to the 14,600 level.

On the other hand, if it takes out the 15,250 level again, then it could start looking toward the 16,000 level. Keep in mind that we're in the midst of earnings season, so the one thing you can probably count on is going to be a lot of volatility.

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