Image Source: Unsplash

GBP/USD

The GBP/USD currency pair rallied significantly during the course of the trading week, but it then turned around to show signs of negativity. The 200-week EMA has offered a bit of resistance, and now that it has broken down below the trendline, there’s a real question as to whether or not it will move down to the 50-week EMA. Underneath there lies the 1.2350 level, which could offer significant support.

EUR/USD

The EUR/USD pair had experienced some noise over the course of the week, to say the least, but now it looks to be hugging the 50-week EMA. The 1.08 level is an area that traders should pay close attention to. If we were to see a break down below there, then it could go down to the 1.07 level.

On the other hand, if we were to see a break above the top of the candlestick for the week, then it’s possible that it could go looking to the 200-week EMA. All things being equal, the pair still appears to be hanging on to an up-trending channel.

USD/CAD

The USD/CAD currency pair rallied significantly during the course of the week, as the greenback continued to strengthen. All things being equal, this market looks like it is trying to break out and go looking to the 1.38 level.

If it were to break down below the bottom of the candlestick for the week, then it could open up the possibility of a move down to the 50-week EMA. At this point, it does look a little bit stretched, so we will have to wait and see how this plays out.

Silver

Silver rallied rather significantly during the course of the trading week, breaking above the $24 level. At this point, I think the metal will continue to try to reach the $25.50 level above, which is a major barrier to overcome.

If it could break through that level, then silver could go looking to the $26 level. On the other hand, if it were to turn around and fall from here, it’s likely that it could plummet to the 50-week EMA, which is closer to the $23.25 level.

US Oil

The US oil market fell rather significantly during the week, and it will likely continue to see plenty of noise. That being said, the 50-week EMA is starting to offer a little bit of support, so I think the oil market may start to stabilize. As OPEC continues to take supply out of the market, it’s likely that the price of oil will continue to go higher.

Gold

Gold markets rallied a bit during the course of the week, as the 50-week EMA came into the picture to offer a bit of a headache. All things being equal, if we were to see break above the top of the candlestick, then I think gold could start looking toward the $2000 level.

If we were to see a break down below the bottom of the last two weeks, then the market would really start to fall apart, perhaps testing the $1800 level underneath. Although I think that would be a rather significant shift in overall attitude.

Nasdaq 100

The Nasdaq 100 shot higher during the course of the week, only to turn around and show negativity during the Jackson Hole speech. This is a market that I think will continue to move back and forth based on the latest narrative. At this point, I believe we will continue to see volatility get worse, not better. So one would have to think that there is probably more downward pressure coming.

USD/ZAR

The USD/ZAR currency pair plunged against the South African Rand during the course of the week, but it does appear to be hanging around the 18.50 Rand level, an area that has previously been important. It previously served as significant resistance, and now it looks to be offering a bit of support.

If it can turn around and go higher, the 19 Rand level could be targeted next. Underneath, the 50-week EMA sits near the 18 Rand level, and I think such a move would offer dynamic support.

More By This Author: