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AUD/USD
The Australian dollar spent the past week rallying in a rather noisy market. As the trading week came to a close, the 0.66 level appeared to be threatened. If we were to see a close above that point on a daily candlestick, it could continue to go higher, perhaps even as high as the 0.69 level. Short-term pullbacks at this point in time could see support near the 0.65 level.
USD/JPY
The US dollar initially plunged against the Japanese yen during the course of the trading week, but it then turned around to show signs of life again. At this point, it looks like the market may be trying to go higher. It’s worth noting the bounce from the crucial 200-week EMA and the trend line that is so clear on the chart.By forming a hammer, it seems to suggest that we are going to see it move higher over the longer-term. The JPY152 level is the next barrier, and if that area gets cleared, then I believe that the US dollar could go looking to the JPY155 level. Pullbacks at this point in time may continue to be buying opportunities.
CAD/CHF
The Canadian dollar initially fell during the course of the trading week, but it then turned around to show signs of strength against the Swiss franc. It might be worth noting that the area it has been trading in is one that has previously served as significant support, and there may be liquidity underneath. If it can break above the 0.6550 level, I think the Canadian dollar would likely trade higher, perhaps even reaching as high as the 0.67 CHF level.
USD/CAD
The US dollar initially rallied against the Canadian dollar throughout the past trading week. The market looked as though it was trying to find support underneath recent levels on Friday. It’s worth noting that the 1.39 level is a very significant resistance barrier that we have recently seen it pull back from.At this point, it may be prudent to question whether or not it will simply hang around in consolidation. If we were to see a break down below the 1.3575 level, then such a move may prompt a drop down to the 1.33 level. Otherwise, you can expect to see some choppy, sideways action.
USD/INR
The US dollar barely moved in contrast to the Indian rupee. That being said, it is still in an uptrend, and it has been going sideways since the move higher over the last couple of months. In other words, I think this remains a “buy on the dips” type of market. A break above the INR83.50 level could prompt even higher movement. On the downside, the INR83 level appears to offer significant support.
USD/MXN
The US dollar fell against the Mexican peso again, but it’s worth noting that it was not a very big candlestick. It appears to be testing a major support level, which centers around the MXN17 level.If we were to see a break down below there, then it could go looking towards the MXN16.50 level. On the upside, the MXN17.50 level would offer significant resistance, and breaking above that point would be a very bullish sign. At this point, the interest rate differential still favors the Mexican peso by quite a bit.
US Oil
The crude oil market has seemingly moved all over the place during the course of the trading week, as the $75 level continued to serve as a major support level. The market is likely to continue to see a lot of uncertainty, as OPEC has a meeting coming up, and it looks like we may see some volatility as a result. A break above the $80 level could prompt a move even higher, perhaps to the $92 level.
BTC/USD
The Bitcoin market initially fell during the course of the week, but it then turned around. It looks as though it has been trying to break above the $30,000 level, potentially opening up a move to the $40,000 level. This continues to be a bit of a “buy on the dip” type of market, and I just don’t see that changing in the short-term. This will be especially true if the US dollar continues to soften overall.
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