Image Source: Unsplash

Bitcoin
 

(Click on image to enlarge)

Bitcoin plunged during the previous week, all the way down to the $80,000 level. The cryptocurrency space will likely continue to experience a lot of noise, and the $80,000 level will stay very crucial at this point in time.

Volume has picked up, while Bitcoin has fallen off of a cliff. Any rally at this point would likely be seen as a selling opportunity, and I am especially interested in the $92,500 level as a barrier. Bitcoin simply looks absolutely miserable at this juncture.

EUR/USD
 

(Click on image to enlarge)

The euro spent most of the week falling, as it continued to witness a lot of negativity. The 1.15 level is a large, round, psychologically significant figure that will likely be watched closely by traders.

The downtrend line has continued to push this market to the downside over the last two months, but I also recognize that we have previously experienced a very strong uptrend. If a break down below the 1.14 level was to occur, then I believe that the bottom would fall out in this pair. With the US dollar strengthening overall, this currency pair will likely offer plenty of "fade the rally" opportunities.

USD/CAD
 

(Click on image to enlarge)

The US dollar initially dropped a bit against the Canadian dollar during the trading week, but it found enough support near the 1.40 level to turn things around. It seems as though the pair may experience a bit of a consolidation after moving higher, and this may reiterate the idea of the 1.40 level being massive support.

A break below that level could see the pair turn to the 1.39 mark, which is where the 50-week EMA currently resides. All things being equal, though, I still believe that this pair could turn toward the 1.4250 level above, where we had seen this pair drop quite drastically in the middle of spring this year.

USD/CHF
 

(Click on image to enlarge)

The US dollar rallied quite significantly during the course of the week to reach the 0.81 region, an area that has been significantly resistant previously, as the market has been consolidating for some time.

Ultimately, this is a market that I think is in the middle of trying to form some type of bottoming pattern, and the Swiss National Bank stating that it was watching the currency markets very closely gives a little bit of credence to the Swiss franc's weakness.

I believe that any short-term pullbacks at this point could offer buying opportunities for those who are looking for longer-term moves. If the USD/CHF pair breaks below the 0.79 level, I anticipate that the Swiss National Bank will pay close attention to such a move.

Gold

(Click on image to enlarge)

The gold market moved gone back and forth during the course of the trading week as it tested the $4000 level. That level is a large, round, psychologically significant figure, and it will likely continue to be an important one. 

A break below the $3950 level could see the yellow metal plummet even further, perhaps even to the $3500 level. That being said, if gold could break above the highs of the week, then it could launch higher toward the $4200 level.

Silver
 

(Click on image to enlarge)

The silver market continued to be a rather noisy one. The gray metal formed a very wide range for this past week, but it essentially settled on a slightly negative candlestick. There is a major uptrend line that the market has been following, but, quite frankly, it is very steep. Additionally, I would instead be focusing on the fact that silver's volume has been dropping since the initial break to the upside.

In fact, you could argue that there is a bit of a double top formation on the daily chart. All things being equal, the market is likely to continue to be noisy, but if the gray metal was to break down below the crucial $47 level, that could be the end of the uptrend for silver. If it stays somewhat positive, then I would be very cautious in the space due to its recent volatility.

GBP/USD
 

(Click on image to enlarge)

The British pound fell a bit during the course of the trading week, but it seems that the 1.30 level will likely continue to offer support. The 1.32 level above is a significant resistance barrier, and at this point in time, the market will likely continue to see a lot of fluctuation before a bigger move is possible.

That being said, over the longer-term, I do anticipate that the British pound will struggle a bit, with the Bank of England likely to cut rates. Adding to this is the rate cut that came out of London just recently.

USD/MXN
 

(Click on image to enlarge)

The US dollar rallied significantly against the Mexican peso during the week, as it tested the 18.50 level. This is a significant area that previously witnessed massive support. 

A break above that point could see the market take off to the 18.80 level. On the other hand, if we see a little bit of exhaustion here, something that would not be overly surprising to me, then I think the market would turn toward 18.20 level underneath.

More By This Author: