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GBP/USD

The British pound had initially tried to rally during the course of the week, but it gave back gains rather rapidly. At this point, it appears to be testing a major level. If we were to see a break down below the bottom of the candlestick from the previous week, that could open up a move down to the 1.2350 level. 

On the other hand, if it were to turn around and break above the top of the candlestick from the previous week, then it could likely go looking to the 1.30 level. The market is most likely going to continue to see a lot of volatility. However, if given enough time, this market should make a big move.

EUR/USD

The euro initially tried to rally during the week as well, but the market has given back quite a bit of the bullish momentum. A break below the previous week could open up a move down to the 1.05 level. On the other hand, if it were to turn around and break above the top of the candlestick for this past week, it would form a destroyed inverted hammer, and that would be a strong sign that the euro could continue to go higher.

As traders come back from the summer holiday, volumes will pick up. We could see a big move here, as well.

AUD/USD

The Australian dollar surged higher during the week, but it continued to see a lot of trouble near the 0.65 level. The 0.65 level is an area that has seen some noise in the past, as it previously provided support. 

If the Australian dollar was to break down below the lows of the last couple of candlesticks, it could open up a move down to the 0.6250 level. On the other hand, if it turns around and breaks above the top of the candlestick, then it could go look towards the 0.66 level, but that seems unlikely at this point in time.

USD/JPY

The US dollar fluctuated all over the place against the Japanese yen during the week. However, the most prescient part of the trading period might’ve happened on Friday, as it initially plunged, only to see buyers come in and start going along yet again.

At this point, if it were to break above the top of the candlestick, then it could likely move to the JPY150 level. On the other hand, if it were to break down below the bottom of the candlestick, then the JPY142.50 level could receive a lot of support. Buying on pullbacks to pick up value may be the way to go, as the interest rate differential should continue to favor this market.

EUR/GBP

The euro had moved back and forth during the course of the trading week, as it continued to hang around the 0.85 level as support. It has been continuously bouncing between the 0.85 level underneath and the 0.87 level above. It seems that short-term traders may continue to take advantage of the overall consolidation area that is clearly marked out on the chart.

NZD/USD

The New Zealand dollar initially tried to rally during the course of the week, but the 0.60 level continued to offer resistance. This area previously had been a major support level, and it continues to serve as a large, psychologically significant figure.

If we were to see a break down below not only this candlestick but the one before it, I believe that the New Zealand dollar could plunge toward the 0.57 level, possibly even the 0.55 level. On the other hand, if it were to break above the top of the week, it’s possible that it could look towards the 0.62 level instead.

USD/CHF

The US dollar initially pulled back during the course of the week, only to turn around and show signs of life. It appeared to be threatening the top of the big wipe-out candlestick, and it looks like it could go higher over the longer-term. 

At this point, I think short-term pullbacks should continue to offer buying opportunities. After all, the 0.8650 level has been a major support level over the longer-term monthly charts.

If we were to see a break above the 0.89 level, then it’s possible that it could go looking to the 0.90 level, which is also a psychologically significant figure. If and when it is able to break above that point, then it’s likely that the dollar could crush the Swiss franc.

GBP/CHF

The British pound moved back and forth during the course of the trading week against the Swiss franc, as the 1.10 level continued to offer massive support. At this point, I think we probably will continue to see a lot of short-term back-and-forth movement. If we were to see a break down below the 1.10 level, then it could likely plunge toward the 1.05 level.

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