Weekly Forex Forecast - Sunday, March 24, 2024

10 and 20 us dollar bill

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The USD/JPY currency pair appears set to target the JPY155 level, while Bitcoin may be ready to approach the $75,000 mark. Additionally, the Nasdaq 100 looks like it could aim for the 19,000 figure, the S&P 500 will likely continue to stay strong, and silver may see some fluctuation in the coming days. Crude oil has been eyeing the $85 mark, gold has remained bullish, and the DAX looks ready to targets the EUR18,500 level.


USD/JPY

Weekly USD/JPY Chart 24/03 - USD/JPY Rises

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The US dollar rallied rather significantly against the Japanese yen during the trading week, as it continued to threaten a breakout above the JPY152 level. If it can break above that level, then it is likely that we could see it go much higher. In general, this is a market that I think still has much further to go, perhaps to the JPY155 level, before it’s all said and done.


Bitcoin

Weekly Bitcoin Chart 24/03 - Bitcoin at $60K

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Bitcoin experienced a rough week, as it was seen reaching down toward the $60,000 level. The $60,000 level is an area that is important, and the market has shown that to be the case in the last week. Whether or not Bitcoin can stay there remains to be seen, but if we were to see a break down below the $60,000 level, then it is likely that it could pull back to the $52,000 level.

If we were to see a break above the shooting star formation from the previous week, then Bitcoin could potentially go much higher, perhaps even above the $75,000 level.


Nasdaq 100

Weekly NASDAQ 100 Chart 24/03 - NASDAQ Upbeat

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The Nasdaq 100 appeared to be rather bullish for most of the week, but it was a little lackluster on Friday. The 17,750 level underneath is a significant support level, and therefore I think we have a situation where the index may continue to go back and forth and try to find value on short-term charts.

This is a market that looks like it may experience a little bit of consolidation. If the Nasdaq 100 can break above the high of this past week, then I think the market could go looking towards the 19,000 level if given enough time -- perhaps even as high as the 20,000 level. I have no interest in shorting this index at this time.


S&P 500

Weekly S&P 500 Chart 24/03 - S&P 500 Passes 5200

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The S&P 500 rallied significantly during the course of the trading week, as it was seen breaking above the 5,200 level. Every time there is a pull back in this market, there will be plenty of buyers to take advantage, as the index is driven higher by just a handful of stocks, which seemingly everybody owns.

In general, I think this is a market that will continue to go higher as far as I can see, and I believe that the 5,000 level underneath is going to continue to be a major floor.


Silver

Weekly Silver Chart 24/03 - Silver Fluctuates

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Silver moved back and forth during the course of the week, as it reached higher, fell short of the crucial $26 level, and then slumped to the $24.50 level. This is an area that should continue to offer support, but if we were to see a break down below there, I think silver could drop down to the $23.50 level. 

The 50-week EMA sits just below that point, and I think there is massive support in that area. If silver could to break above the $26 level, that would be extraordinarily bullish. At this point, it looks like the grey metal will probably consolidate with more of a positive attitude than anything else.


WTI Crude Oil

Weekly Crude Oil Chart 24/03 - WTI Tests $80 Level

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Crude oil rallied significantly during the course of the week before giving back most of those gains. Crude oil appears to be testing the $80 level, which is an area that previously had been massive resistance. It should now be support, and I think a lot of people may be willing to jump in and start buying oil in this general vicinity. If it can break above the top of the weekly candlestick, then it’s likely that oil could go looking to the $85 level.


Gold

Weekly Gold Chart 24/03 - Gold Hesitates, Dips

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Gold markets initially shot higher during the course of the week, especially in reaction to the Federal Reserve announcement. That being said, the market then gave back a lot of those gains to show signs of hesitation, and gold ended up forming a bit of a shooting star.

This shooting star formation is a scenario that could bring in more of a pull back, and therefore a move back down toward the $2075 level. That being said, I think that’s a “hard floor“ in the market. In general, I think this remains a “buy on the dips” type of market at this point.


DAX

Weekly DAX Chart 24/03 - DAX Aims for €18,500

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The German index initially experienced a pullback during the course of the week, only to then turn around and show signs of strength again. This is an index that I think could be ready to take off to the upside and continue to go much higher. The EUR18,500 level is an area that I think people will be looking to get to. Short-term pullbacks may offer value, and I think the EUR17,750 level could offer a significant amount of support.


More By This Author:

Ethereum Forecast: Continues to Attract Inflows
Silver Forex Signal: Bullish Ahead Of Fed
GBP/CHF Forex Signal: British Pound Finds Support Against Swiss Franc

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