AUD/USD
The Australian dollar plummeted during the course of the week, but there was plenty of support underneath to keep it afloat. It now appears to be in the middle of a larger consolidation area between the 0.65 level on the bottom and the 0.69 level above. Because of that, the market is likely going to continue to try to search for some type of momentum.
BTC/USD
Bitcoin moved all over the place during the week, as the $40,000 level underneath continued to offer significant support. The $40,000 level is an area that continues to be significant, and therefore I think it may serve as a short-term floor in the market.I suspect that the next week or two will revolve around whether or not the Bitcoin ETF market will kick off. If it does, there could be a “sell on the event” type of situation, but I think buyers would still come in to pick up a bit of a dip.
WTI Crude Oil
Crude oil initially fell during the week, but it continued to find buyers underneath. I see the $68 level as a hard floor in this market, and the 200-week EMA just above will likely continue to offer a little bit of resistance.The $75 level above is a significant resistant barrier. If we were to see break above that point, then it’s likely that oil could continue to go higher, perhaps reaching the 50-week EMA, which is close to the $80 region.
S&P 500
The S&P 500 broke down significantly during the course of the week, reaching down to the 4700 level. The 4700 level is a significant area, one that I think may see a break below with enough time. The further the index goes, the more likely we are to see buyers jump into the market.That being said, we got through the first jobs number release of the year, and the index appears to be hanging onto support. Buying the dips seems to be the way to play this market going forward.
USD/CHF
The US dollar spent most of the week rallying against the Swiss franc, but Friday’s session was a bit disappointing for the greenback. There may be a further attempt to rally, but the 0.87 level above is going to be a significant barrier.The market is in the midst of trying to form some type a bottom. If we were to see a break down below the 0.84 level, such a move could be an opportunity to send the greenback down to the 0.82 level.
Gold
Gold fell significantly during the course of the week, but it found buyers near the uptrend line. I think this market will continue to see some noise, and therefore some buying opportunities may arise.I believe that the $2000 level is a “floor in the market.” Therefore, I would need to see the market stay above there in order to remain bullish. If the yellow metal could break above the $2075 level, then I think it could go on to rise even higher.
GBP/USD
The British pound fell rather significantly during the week, only to turn around and show signs of life. The 1.2750 level above continued to be a major barrier, and if it can break above there on a weekly close, then I believe that the British pound could go looking to the 1.30 level.Underneath, the 1.25 mark may offer support, and I believe this a level to keep an eye on. This market often moves back and forth, and thus it appears to maintain a sideways to slightly higher bias.
DAX
The DAX moved all over the place during the course of the week, as it broke higher only to turn around and show signs of negativity. This is a market that looks as if it is trying to grind away to the side.A pullback at this point in time could send the DAX down to the 16,000 level, where it could turn around and find buyers. If it gives up the 16,000 mark, then it would likely go down to the 15,500 level next, which is where the 50-week EMA can be seen.
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