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GBP/USD

The British pound initially tried to rally a bit during the course of the week, as it tested the 1.2650 level before it broke down toward the 50-week EMA. It could go looking toward the 1.2350 level next, which is an area that has previously offered both support and resistance.

All things being equal, if it were to turn around and break above the 1.2650 level, then this could open up a bigger move to the upside. In general, I think the next week or two could be crucial for this currency pair.

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EUR/USD

The euro had fallen a bit as well, and it now looks ready to break down below the 1.07 level, and possibly even to the 1.05 level after that. If it were to turn around and rally from here, then it could go looking towards the 1.10 level above, which is an area that has previously served as significant resistance. Therefore, I think that there could be a bit of a struggle if it were to get close to that area.

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USD/JPY

The US dollar rallied significantly against the Japanese yen during the course of the week, and it now looks poised to threaten a move towards the JPY150 level, an area that I think could cause some serious headaches.

That being said, I do believe that it is probably only a matter of time before it reaches that point, so I would look at short-term pullbacks as opportunities to pick up cheap US dollars in a market that is obviously very strong. The JPY146.55 level below is an area where we have seen significant support in the past.

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GBP/AUD

The British pound initially tried to rally during the trading week, but it gave back strength as it looked like it was going to pull back from the 2.00 level. Ultimately, I do think that there is a buying opportunity underneath that level, but it may have a little further to go at this point.

We could see it go all the way down to the 1.90 level, and I think such a level would continue to offer a bit of support. However, we could also see it turn around and break above the top of the candlestick during the previous week. Such a scenario could open up a move back to the 2.00 level, which is a large, round, psychologically significant figure.

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AUD/USD

The Australian dollar fell a bit during the course of the week, slicing through the 0.64 level. The 0.64 level is an area that has been a significant one in the past. It’s worth noting that the Australian dollar has been closing toward the very bottom of the candlestick, and this seems to suggest that it could go down to the 0.62 level underneath.

On the other hand, if we were to see it turn around and take out the 0.65 level, then it may have an opportunity to rally toward the 0.66 level. Most things suggest that it is going to continue to go much lower.

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EUR/JPY

The euro rallied a bit against the Japanese yen during the course of the trading week, as it continued to consolidate. If it can break the high of the last couple of candlesticks, this market should continue to go much higher, perhaps reaching the JPY160 level. Taking out the JPY160 level would free the market to go much higher at that point in time, and I think it will continue to go much higher and for much longer.

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Gold

Gold markets fell a bit during the course of the week, but the yellow metal appears to be set to continue consolidating. The 50-week EMA sits just below the $1900 level, so I think it’s probably only a matter of time before we see buyers come back into this market. However, if we were to see a break through the $1900 level, then it’s possible that gold could go much lower, potentially dropping to $100 rather quickly.

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Bitcoin

Bitcoin witnessed a rather quiet week as it seems like most people are not interested in the crypto market at the moment. Pay close attention to the $25,000 level underneath because it will be important. If we were to see a break down below that level, then it’s likely that it drop down to the $22,000 level.

On the other hand, if we were to see it turn around and break above the top of the inverted hammer from the previous week, then the cryptocurrency could go looking to reach the $30,000 level. At this point, the market seems to have a serious lack of momentum.

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