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EUR/USD
 

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The euro fell during the bulk of the trading week, only for it to then turn around and show signs of resiliency. That being said, the market is likely to continue to experience a lot of noise, and I think the potential of a rally in the space is rather uncertain at this point in time.

The 1.16 mark is a level that I think a lot of people will be watching, followed by the 1.17 level. If the pair can break down below the bottom of the candlestick for the week, then it would open up the possibility of a move down to the 1.14 level. Anything below the 1.14 mark would then open up the possibility of a move down further to much lower levels.

USD/ZAR
 

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The US dollar initially rallied during the trading week, but it has continued to see a lot of resistance near the 17.50 ZAR level, as it turned around to show signs of hesitation. The weekly candlestick formation looks to be a bit of a shooting star pattern, or perhaps even a bit of an inverted hammer structure.

If the pair can break down below the bottom of the candlestick, then it would open up the possibility of a move down to the 17 ZAR level, which is a large, round, psychologically significant figure and an area that has previously seen a notable amount of price action.

Gold
 

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Gold markets fell during the bulk of the trading week, only for the yellow metal to turn around and show signs of life again. It initially dipped below the 4000 level, but gold broke above that threshold by the end of the week. 

The space will likely continue to see a bit of sideways price action, but this could be a sign of the market achieving some level of stability. A massive selloff leading to this sideways action could see the market work off some excess froth.

Crude Oil
 

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The crude oil market plummeted significantly during the trading week to break below the $60 level, but it has since turned around to show signs of life. Ultimately, this is a market that will likely continue to see a lot of noise, and I think that is something traders will need to pay close attention to. 

The market appears set to continue struggling in general, and thus crude oil may even drop down to the $55 level. If it were to rally a bit from here, then the $62 level would offer a bit of resistance as well. Given the lack of demand in the current market environment, I think the space will continue to contend with problems.

Bitcoin
 

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Bitcoin plunged this week as it tested the crucial $100,000 level. That being said, it bounced strongly on Friday to reach the 50-week EMA area. That being said, if it breaks down below the $98,000 level, then we could see Bitcoin really take a pounding. At that juncture, I would anticipate a move down to about the $82,000 area. If it can bounce from here and go to the upside, then the next major resistance barrier would probably reside near the $108,000 level.

Natural Gas
 

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Natural gas continued to run higher during the week, as it tried to reach the $4.50 level. That being said, natural gas seems to be a little exhausted at this point, and I think it’s probably only a matter of time before the market sees some type of blowup.

That blowup could send the market down quite a bit, and I would look at that pullback as a potential buying opportunity because this time of year is typically very bullish for natural gas. As temperatures drop in the United States and Europe, demand obviously will start increasing on a day-to-day basis.

GBP/USD
 

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The British pound broke down rather significantly during the trading week, before it then turned around to form a massive hammer structure. The 1.30 level is a significant area of support, with the 200-week EMA sitting underneath, which may also offer quite a bit of support as well.

Ultimately, this is a market that I think may provide short-term rallies for traders to fade. The space may see a little bit of a recovery in the short-term, however, as the pound witnessed the Bank of England refuse to cut rates this past week.

USD/CAD
 

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The US dollar initially rallied against the Canadian dollar during the week, but it has since given back some of those gains. It now appears as though the currency pair may rest in the area around the 1.40 level, as this figure has seen quite a bit of price action.

I think the pair will probably move sideways for a while, but I still believe that the US dollar will continue to rally against the Canadian dollar eventually. We just have a little bit of sideways action to contend with in the short-term, and that may continue to be the case moving forward.

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