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AUD/USD

The AUD/USD currency pair rallied rather significantly during the course of the week, breaking above the 0.68 level. The market threatened the 0.69 level on Friday, but it did pull back a bit.

At this point, it would makes sense to see a short-term pullback, but if the pair can hold onto the 0.68 level on some type of bounce, it’s could likely reach to the 0.70 level above. On the other hand, if the pair were to take out the bottom of the weekly candlestick, then the Aussie would more likely than not drop toward the 0.66 level.

EUR/USD

The EUR/USD currency pair similarly rallied during the course of the trading week, breaking above the 1.09 level after the ECB raised interest rates, while the Federal Reserve chose to hold interest rates. All things being equal, the 1.10 level above is a psychological barrier that people will be paying attention to.

That being said, it looks like there was a little bit of exhaustion on Friday, so I do think that a short-term pullback is likely. However, I do not expect a big move in the short-term, as I think the pair is still stuck in a range.

USD/JPY

The USD/JPY pair also rallied significantly during the course of the week, as the market continued to see a lot of very bullish behavior. The JPY140 level is going to be psychologically important, but the real support is going to be down at the JPY138 level. That level is the top of an ascending triangle, and therefore it should be a massive “floor in the market.”

As long as the Bank of Japan remains this loose with monetary policy, I just don’t see how the trajectory does anything but go higher. In fact, the “measured move” suggests that the pair could be going as high as JPY148 based upon the ascending triangle, and perhaps even the massive “W pattern.”

GBP/USD

The GBP/USD currency pair rallied significantly during the week as well, as it has been a rout against the US dollar. At this point, the market is likely to continue to go to the upside, with a target of 1.30 waiting above. Short-term pullbacks will offer buying opportunities, but you may be better served waiting for some type of value to appear. After all, the selling off of the US dollar is still fresh, and it might even be a little overdone in the short-term.

Nasdaq 100

The Nasdaq 100 shot straight up in the air during the course of the trading week, testing the crucial 15,250 level. This is an area that has been a major resistant barrier previously, and therefore I think you should pay close attention to it.

If it breaks above there, then it could go much higher, perhaps looking to the 16,000 level. Short-term pullbacks at this point continue to be buying opportunities from what I can see, even though it’s obvious to me that the market is overbought.

Quite frankly, this appears to be a massive 'fear of missing out' market. Keep in mind that the Nasdaq 100 is driven higher by about 7 stocks, so unless Tesla and the others start falling, the index will likely be squeezed higher.

Gold

Gold markets initially fell during the trading week, but they later turned around to show signs of life and form a massive hammer. This hammer was based around the $1950 level, an area that has been historically significant. With that being the case, I think this is an opportunity to get a little momentum in the market to the upside.

If the yellow metal can break above the $2000 level, then it’s likely that it will start racing toward that high again, threatening the “triple top.” That being said, I think in the short-term gold is more likely to stay in this $50 range. Therefore, if you are a short-term trader, this might be a good market for you.

DAX

The DAX rallied during the course of the week, reaching highs once again and even breaking out to a fresh, new high. At this point, it looks like the DAX is ready to continue going higher, and a break above the top of the weekly candlestick certainly is very bullish.

It’s worth noting that even though the European Central Bank raised rates during the course of the week, it seems as if the stock market in Frankfurt simply chose to ignore this. There has been a lot of bullish pressure recently, and I think that will continue to be the case going forward. This will be especially true if the euro starts to lose a little bit of strength.

Hang Seng (Hong Kong 50)

The Hong Kong 50 has had a rather bullish week, touching the 50-week EMA near the HK19,950 level. Having said that, it appears to be right at the convergence of not only the 50-week EMA, but also a short-term downtrend line. The question now is whether or not this and the HK20,000 level will offer enough resistance to keep the market from breaking out.

If the market were to break above HK20,000, then it could see a bigger move, perhaps up to the H$22,000 level. In that vicinity, it would be testing the 200-week EMA. On the other hand, if the market fails in this area, it’s very likely that the Hong Kong 50 could go looking toward the HK18,000 level again, as it has been in a downtrend for a couple of years now.

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