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EUR/USD

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The euro likely found the week to be an absolutely horrible one, as it finally broke below the 1.05 level. By doing so, the market now looks poised to go much lower. Short-term rallies at this point in time will potentially serve as the entry point that short sellers will be looking for. With interest rates climbing, it does make sense to see the US dollar continue to strengthen. At this point, it appears that this is a “sell only” type of market.

AUD/USD

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The Australian dollar rallied a bit during the course of the week, as it now looks ready to approach the 0.65 level. I think the market has certainly been making an effort to recover from this point. However, the US dollar is much stronger than most other currencies around the world, so I think there is a bit of an anchor around the neck, as it were. Short-term rallies will almost certainly continue to be selling opportunities in this market.

USD/CAD

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The US dollar pulled back rather significantly against the Canadian dollar during the week, despite the fact that the US dollar has been stronger against most other currencies around the world. On Friday, we got the Retail Sales numbers out of Canada, which came in at 0.4% month-over-month, as expected.

Because of this, it looks as if although the Canadian dollar will be weaker than the US dollar over the longer-term -- at least, until the Canadian dollar stabilizes. With this, I think a short-term pullback could be quite likely over the short-term, which could serve as a buying opportunity.

USD/MXN

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The US dollar initially pulled back just a bit during the course of the week, but it has since turned around to show signs of life again. By doing so, it appears to be testing the wicks of the previous weekly candlesticks.

With that being said, it seems likely that the market could reach the MXN21 level. Granted, such a scenario would likely be a bit of a grind higher than anything else. Short-term pullbacks should continue to see plenty of buyers, especially near the MXN20 level, which is a large, round, psychologically significant figure.

USD/CHN

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The US dollar continued to rally against the Chinese yuan, as it reached above the CHN7.25 level on Friday. That being said, the space appears to be getting a little stretched at this point. Although I am bullish, I recognize that short-term pullbacks will probably be necessary for this market to continue going higher.

At this point, I think that the market will likely reach toward the CNH7.30 level, which is an area that has previously been a significant one. Thus, some resistance could be seen at that level.

CAD/JPY

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The Canadian dollar rallied rather significantly against the Japanese yen, as it appeared to be threatening the JPY112 level. If it can break above the JPY112 level, then the Canadian dollar could possibly continue higher against the Japanese yen, perhaps reaching as high as the JPY118 figure above.

Short-term pullbacks could continue to offer a lot of support, especially near the JPY110 level, followed by the 50-week EMA near the JPY109.40 level, which has also been rising to the upside. At this point, it looks like the space will continue to grind higher, but such a move may be more of a slog and less of a shot higher.

Gold

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Gold markets rallied rather significantly during the course of the week, as the yellow metal showed enough strength to swallow the previous weekly candlestick and completely disprove the idea of gold falling into a downtrend. Because of this, the market will likely continue to see plenty of buyers, and short-term dips could serve as opportunities to pick up value.

All things being equal, this market may nonetheless return to the $2800 level below. I have no interest in shorting this market.

Nasdaq 100

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The Nasdaq 100 appeared to be a bit bullish during the course of the week, as it continued to grind higher overall. The Nasdaq 100 still looks to be strong in its uptrend, and I think this momentum will continue to push the market to the upside.

If the Nasdaq 100 can break above its most recent swing high, then I think such a move could spark the next wave of "FOMO" trading.

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