Image Source: Unsplash

AUD/USD

The Australian dollar rallied rather significantly during the course of the week, and it ended up challenging the crucial 0.65 level. This level could open up a move to the 0.66 mark, which is where the 50-week EMA resides. It certainly looks like it is trying to turn things around, but it has not cleared the last vestiges of resistance. So far, it just looks to be threatening the top of the overall consolidation.

(Click on image to enlarge)

US Crude Oil

The crude oil market continued to move on the latest headlines coming out of Gaza, and the idea of whether or not the economy will support higher prices. After all, the jobs number was weaker than anticipated, and therefore it’s likely that we will see a lack of demand.

All things being equal, if oil manages to turn around and recapture the 50-week EMA, then it could likely go to the $85 level. On the other hand, if it continues to draw from here, the $75 level could come within reach.

(Click on image to enlarge)

Gold

Gold markets initially fell during the week, before turning around to show signs of life. The $2000 level is an area that has been like both a magnet and a brick wall for the market. If we were to see a break above the top of the peak, then it’s possible that the market could go looking towards the highs again.

On the other hand, if the yellow metal breaks down below the lows of the candlestick, then it is possible that it could go down to the $1950 level. In general, I believe that buyers will continue to jump into this market every time it dips.

(Click on image to enlarge)

EUR/USD

The euro rallied significantly during the course of the week to reach the 50-week EMA. It appears to have formed the top of a bearish flag, so I would be interested to see if it can continue to go higher. If it does not, then it could drop down to the 1.05 level. Any price action below that point would see the market drop quite a bit. On the other hand, if it does turn around and take out the 50-week EMA, then it’s possible that it could go to the 1.09 level above.

(Click on image to enlarge)

USD/JPY

The US dollar initially tried to rally rather significantly at the start of the trading period, but it then gave back gains later in the week. This was especially accelerated once the jobs number came out weaker than anticipated.

The weekly candlestick ended up being a shooting star. The dollar's movement has been essentially sideways for the last month or so, and therefore we are going to continue to see more sideways action than anything else. Short-term pullbacks will continue to attract attention for value hunters based on interest-rate differential.

(Click on image to enlarge)

USD/CAD

The US dollar fell rather precipitously against the Canadian dollar, reaffirming the 1.38 region as massive resistance. Now that this area has been tested so many times, it’s obvious that it will continue to serve as a significant barrier. If this area is finally broken through, the currency could go much higher, perhaps even to the 1.39 level. On the other hand, if it continues to pull back from here, a fall to the 1.35 level could be a possibility.

(Click on image to enlarge)

USD/CHF

The US dollar initially tried to rally against the Swiss franc, but it collapsed later in the week as we continued to see a lot of volatility in Forex markets. If the currency can break out of the top of the candlestick for the week, it would open up the possibility of a move to the 0.9250 level.

On the other hand, if it were able to break down below the bottom of the candlestick, then it could go looking to the 0.88 level. Any action beneath that point would open up the possibility of a move down to the 0.8650 level.

(Click on image to enlarge)

BTC/USD

Bitcoin initially tried to rally during the course of the trading week, but it then turned around to show signs of weakness near the $35,000 level. At this point, the market is a little overextended, so a pullback toward the $30,000 level could be very possible. On the other hand, a break above the top of the candlestick could open up a move to the $40,000 level.

(Click on image to enlarge) 

More By This Author: