Image Source: PixabayMixed movements were seen in the AUD/USD currency pair throughout the week. The DAX has seen some bullish momentum, and it may be wise to watch for any pullbacks. The GBP/CHF and GBP/JPY currency crosses could rise in the coming week. Bitcoin has witnessed some consolidation. Gold appears to be bullish, while the Nasdaq looks to be volatile. Finally, the USD/MXN duo has tested support.
AUD/USD
The Australian dollar had moved back and forth during the course of the trading week. The 0.6450 level underneath will likely offer plenty of support, and I think that as long as the Australian dollar manages to stay above that point, traders could continue to be buyers of dips — but for short-term moves only.If we were to see a break higher, the 0.6650 level would be a significant resistance barrier that could keep a lid on this market until something fundamentally and structurally changes.
DAX
The German DAX continued to rally rather significantly over the course of the week. I think at this point in time, a pullback could serve as a buying opportunity.The EUR18,000 level may offer a significant amount of support. A break down below the EUR18,000 level would prompt me to step to the sidelines until it stabilizes. It could, of course, continue to go straight up in the air, but the DAX seems to be very overstretched at this point in time.
GBP/CHF
This is a pair that I think many should pay close attention to. If the currency cross could break above the 1.15 level, then such a move would open up the possibility of the market reaching even higher, perhaps even to the 1.20 level. Short-term pullbacks may be possible, but those pullbacks could end up being buying opportunities more than anything else.
GBP/JPY
The British pound rallied slightly against the Japanese yen over the past week. Every pullback may serve as a buying opportunity.The JPY190 level underneath is a significant support level based on psychological and structural importance. The JPY188 level is a significant area to keep in mind as well. All things being equal, I think this currency pair will continue to go much higher.
Bitcoin
Bitcoin witnessed yet another bullish week, but at this point in time, I think the cryptocurrency is set to experience some consolidation. I believe the $60,000 level underneath is going to end up being a massive floor, right along with the $75,000 level above being a significant resistance barrier.In general, this is a market that I think will continue to be very noisy, but I think short-term pullbacks will likely serve as buying opportunities. If we were to see a break down below the $60,000 level, then I think that Bitcoin would likely go down to the $52,000 level.
Gold
Gold markets rallied significantly during the course of the week, and I think it is probably only a matter of time before the yellow metal goes much higher. I love the idea of buying short-term pullbacks in the gold market, as the space still looks very much like a bullish market that’s ready to take off. I think it’s probably only a matter time before gold reaches the $2500 level. Underneath, the $2075 mark is a support level, and perhaps the bottom of the overall uptrend. I don’t think gold will get anywhere near there, however, and it is worth noting that the metal broke above the top of the shooting star from the previous week, which is an extraordinarily bullish sign.
Nasdaq 100
The Nasdaq 100 pulled back just a bit during the course of the week. The 17,775 level underneath is a significant floor in the market, so I think if the index dropped to that point, there would be plenty of buyers to come in and pick this market back up. Remember, the Nasdaq is driven by just a few stocks, so make sure to pay attention to all of the usual ones.
USD/MXN
The US dollar fell significantly during the course of the trading week, and it is now testing very serious support against the Mexican peso. If it were to break down below the 16 pesos level, the US dollar would continue to go much lower. On the other hand, if the dollar manages to rally from here, many investors will be looking for signs of exhaustion to start shorting.More By This Author:BTC/USD Forecast: Continues to Look BullishSilver Forecast: Respecting Same AreaCrude Oil Forecast: Continued Support
