Image Source: Pixabay 

Bitcoin
Bitcoin fell during the course of the week, but it looks like there is still a lot of support near the $60,000 level, so I think this is a market that will eventually turn things back around. If and when it does, it’s likely that the space will try to bounce toward the $63,500 level.Anything above there would open up the possibility of the $67,000 level being targeted over the longer-term. I have no interest in shorting Bitcoin at the moment, but I recognize that if we were to see it break down below the $57,000 level, such a move could be very ugly for Bitcoin, indeed.

USD/JPY
The US dollar initially dipped during the previous week, but it has since turned around to show signs of life again. It appears to be well above the JPY160 level, so it’ll be interesting to see how this week’s trading plays out.Quite frankly, the Bank of Japan can’t do much, but it is possible that we might see a little bit of intervention down the road. If this occurs, it would likely end up being a buying opportunity that traders could take advantage of, as the interest rate differential continues to be a major factor.

WTI Crude Oil
The crude oil market was slightly positive over the past week, though it has also been somewhat noisy. I believe that this market remains a bit of a “buy on the dips” scenario, as it has witnessed some compression recently. However, it does tend to have a certain amount of cyclical movement helping it, stemming from the fact that there is typically a lot of demand during the summertime. In other words, I am bullish, but I recognize the crude oil market might be somewhat noisy in the coming days.

DAX
The German DAX moved all over the place during the course of the week, bouncing between the EUR18,000 level on the bottom and the EUR18,375 level at the top. This is a market that I think will continue to see a lot of consolidation, but that should eventually help the DAX rise over the longer-term.After all, even though it hasn’t been extraordinarily bullish, the reality is that the selling pressure seems to have abated. With this, on a move above the EUR18,375 level, I think that the DAX will continue to strengthen.

S&P 500
The S&P 500 similarly moved all over the place during the week, but it does look to be showing a little bit of exhaustion. The 5500 level has continued to be a difficult area to overcome, but if the S&P 500 can do so on a weekly chart, such a move would kick off the next shot higher.That being said, I would not be surprised at all to see this market pull back a bit — and that pullback could end up being a buying opportunity before it is all said and done. I believe that the 5300 level underneath will continue to be an important one, and it should offer some support.

Nasdaq 100
The Nasdaq 100 has similarly moved back-and-forth in recent days. It is probably worth noting that the previous week ended up forming a massive shooting star, and Friday’s price action did seem to be left wanting a bit.The 19,500 level underneath should offer support, as it is a significant, round figure and an area where we have seen a lot of noise at. If the Nasdaq were to break down below that level, then I think it could correct from that point. That could be the best thing to happen into this market, but, regardless, I will not be a seller of this index.

EUR/JPY
The euro rallied a bit against the Japanese yen during the course of the trading week, as it was trying to get to the 0.85 level above. This is an area that previously has been support, so I would not be surprised to see a significant amount of resistance at this point. If the euro can break above there, then the market could very well go looking to the 0.86 level. Underneath, I believe that the 0.84 level may offer a significant amount of support as well.

GBP/USD
The British pound initially tried to rally during the course of the trading week, but it ran into a bit of resistance at the 200-week EMA. This is the fifth candlestick in a row that you could make an argument for being a bit of a shooting star. This suggests that the British pound is getting very tired, and it will continue to grind lower, perhaps trying to reach the 1.25 level below.More By This Author:WTI Crude Oil Monthly Forecast: July 2024Nasdaq 100 Monthly Forecast: July 2024 Bitcoin Monthly Forecast: July 2024