Image Source: Unsplash

USD/JPY
 

(Click on image to enlarge)

The US dollar fluctuated against the Japanese yen for the better part of the month, and this past week's trading was no different. The JPY155 level looks to be important at this juncture, right along with the JPY158 level.

This currency pair has been in a significant uptrend, but if it can break above the JPY150 level, then such a move would open the door for a shift even higher. On the other hand, a drop below the JPY155 level could see the pair fall further and test the JPY153 level, an area that is significant support.

USD/ZAR
 

(Click on image to enlarge)

The US dollar tried to rally during the course of the trading week as it broke back above the ZAR17 level, but it then turned around to show signs of negativity. At this point, the US dollar appears to be breaking down against the South African rand, which makes a certain amount of sense considering that commodities are starting to plummet even further.

South Africa is a major exporter of gold and other precious metals, as well as hard commodities, and therefore, marrying that with a higher interest rate could suggest that this pair has even further to fall.

EUR/USD
 

(Click on image to enlarge)

The euro rallied quite nicely against the US dollar during the trading week, as the markets continued to question whether the Federal Reserve is actually going to start loosening monetary policy, or if it was simply a “hawkish cut.”

This caused chaos, and quite frankly, I think this is a pair that will probably remain somewhat range-bound between now and the end of the year. However, a break above the 1.1850 level could see the euro continue to strengthen. In such a scenario, the US dollar would likely shrink against most other currencies.

AUD/USD
 

(Click on image to enlarge)

The Australian dollar bounced all over the place against the US dollar over the past week, but it now looks as though the 0.67 level is going to continue to offer significant resistance. For me, this is one of the easier trades to take next week, because, quite frankly, if you short this pair and are wrong, then it’s an obvious and major bullish move.

With that being the case, this market will likely continue experiencing a lot of volatility. A break above the 0.87 level could see the pair rocket much higher. However, I think there is a very real possibility that the market could drop all the way to the 0.6550 level, or possibly even further to the 0.65 mark.

GBP/USD
 

(Click on image to enlarge)

The British pound initially rallied against the US dollar, but as we close out the week, it now seems to have shown a little bit of hesitation. Because of this, it looks like the 1.34 level will continue to serve as important resistance, and until the market can clear that on at least a daily close, if not a weekly candlestick, I’m not convinced that the British pound is going to move much higher.

In fact, it is starting to set up a potential sell signal at the moment. The 1.32 level underneath should be support, but if that gives way to selling pressure, the pair will probably drop toward the 1.30 level again. Meanwhile, the Bank of England is expected to start selling, so it’ll be interesting to read the statement and press conference results.

USD/CHF
 

(Click on image to enlarge)

At the end of the week, we have seen a little bit of US dollar stability against the Swiss franc, and I think this signals a bit of a strength, if not a massive hard floor.

The Swiss National Bank is likely to intervene if the Swiss franc strengthens too rapidly. In fact, they have already threatened to do so.

At the moment, I think the 0.79 level will continue to serve as the floor. In other words, a bounce in this pair would make a certain amount of sense, especially when you look at the recent hesitation of the euro and the British pound in contrast to the US dollar.

Bitcoin
 

(Click on image to enlarge)

Bitcoin looks likely to continue grinding sideways in the short-term. After all, the market going sideways is actually somewhat bullish -- in the sense that it’s not completely crumbling.

That being said, if Bitcoin were to drop below the $80,000 level, then I think such a move would be an absolutely cataclysmic indicator. The more time the cryptocurrency spends in the range between $80,000 and $95,000, the more likely it is to find a bit of a floor, and perhaps even accumulation. In other words, a quiet market is a good market.

Nasdaq 100
 

(Click on image to enlarge)

The Nasdaq 100 fell hard during the trading week, but the weekly candlestick doesn’t show the whole story. For more than half the week, the space experienced a lot of back-and-forth price movement. Additionally, a lot of this selling pressure came on Friday as people began to panic about a potential AI bubble.

Worst-case scenario, I think the index could drop below the 25,000 level and look at the 24,000 mark as a floor. I think consolidation with more of an upward tilt will likely occur.

More By This Author: