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US Oil (WTI Crude)

The West Texas Intermediate crude oil market rallied a bit during the course of the trading week, and it now looks as if it’s on the verge of some type of major breakout. If oil breaks above the $83.50 level, then it could likely reach the $88 level, or possibly even the $90 level.

Keep in mind that Saudi Arabia is pressuring the market by cutting supplies for another month, so I think that short-term pullbacks could offer plenty of buying opportunities going forward.

EUR/USD

The euro had initially fallen during the week, but it then turned around to show signs of life after the Jobs numbers in the US came out lower than anticipated.

With that being the case, the market is likely to continue to experience a “buy on the dips” situation, and it seems like it could go looking towards the 1.1250 level above. If it were to break down below the bottom of the candlestick, such a move could see the pair descend to the 50-week EMA. That being said, the price action for this currency pair still appears to be very bullish.

USD/CAD

The US dollar had been all over the place against the Canadian dollar this week. If it could break above the top of the candlestick around the 1.34 level, then the US dollar would likely go looking towards the 1.36 level. On the other hand, if it were to break down below the 1.33 level, then it could likely go down to the 1.28 level.

USD/JPY

The US dollar had rallied during most of the week against the Japanese yen, but it gave back gains after the cooler-than-anticipated jobs number. Whether or not it can continue to go higher is more of a longer-term question, but I do think that short-term pull backs may continue to attract attention. At this point, nobody really wants to bet on the Japanese yen, and I think you cannot consider shorting this market until we see a break down below the JPY138 level.

Nasdaq 100

The Nasdaq 100 had fallen rather significantly this past week, reaching the 15,250 level. The 15,250 level has previously been both support and resistance, so it does make sense that we could see the market bounce from here. Quite frankly, the Friday candlestick does suggest that the index is ready to go higher. The 16,000 mark above is probably going to be the target in the meantime, and I do expect to see the market hit that eventually.

GBP/CHF

The British pound has shown itself to be well-supported near the 1.10 level, as it has been testing the bottom of a major consolidation area. Because of this, I think it’s probably only a matter of time before we see the pair reach higher. Until it can break out of this range, you have to assume that it will continue to move back and forth.

The 1.14 level would be my target to the upside. However, if it were to break down below the 1.10 level, that could send this market lower. For what it’s worth, the Swiss National Bank has been known to jump in the market and support currencies against the Swiss franc, so there might be something like that going on here.

USD/ZAR

The US dollar rocketed higher against the South African Rand during the week, as it looks like there has been a bit of a “risk-off rally” in this pair. The 19 Rand level will continue to be a major issue, and if the pair can break above there, then it’s likely that it could go looking to the 20 Rand level.

Underneath, the 50-week EMA should continue to offer support, and it does make sense considering that the pair has been in an uptrend for quite some time. The size of the candlestick seems to suggest that we are going to continue to see upward pressure in this market.

AUD/USD

The Australian dollar had moved back and forth during the course of the week, showing signs of volatility. With this being the case, the market is probably going to see the 0.65 level underneath as a major support level, and if we were to see a break down below there, it is likely that it could drop down to the 0.64 level.

Additionally, if we were to see a break above the 50-week EMA, then it’s possible that the pair could go looking to the 0.69 level. I believe that the Aussie will offer more of a back-and-forth, range-bound type of opportunity

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