Image Source: Pixabay

Nasdaq 100
Nasdaq 100 traders appeared to have been very bullish for the week. However, it now looks like the index is struggling with the 19,950 level, which is an area that has been difficult to overcome previously.If we were to see a break above that point, then the market would likely continue to go higher, perhaps reaching the overall highs that were formed over the past couple of months. Short-term pullbacks at this point in time could continue to be buying opportunities, with the 18,300 level underneath being a major support level.

CAD/JPY
The Canadian dollar initially pulled back just a bit during the trading week, only for it to turn around and rip to the upside as risk appetite picked up. After all, the Federal Reserve has cut interest rates, just as the Bank of Japan has stated that it will stay put, meaning that traders should continue to see the Japanese yen get hit.It may have just bottomed, and it’ll be interesting to see whether or not the yen can recover, or if traders come to see short-term pullbacks as potential buying opportunities. The JPY103.50 level is an area that will likely continue to be an important one. As long as the currency pair can stay above that point, then I think this market may have further to fall.

Gold
Gold markets continued to rip to the upside this past week. There has been so much bullish pressure that it’s difficult to imagine a scenario where short-term pullbacks could continue to be bought into.If that is the case, it would make sense to see gold continue to move higher, especially as the Federal Reserve reasserted its desire to stoke inflation again. If gold could break out from here, and it looks like it is likely going to, then I suspect that the yellow metal could go looking towards the $3000 level sooner or later.

USD/NOK
The US dollar fell a bit against the Norwegian krone, as it was seen testing the 10.45 level, which is an area that has previously offered support multiple times.If the dollar manages to stay above that point, then it’s likely that buyers would come in and try to pick the market up, perhaps even reaching toward the 50-week EMA. On the other hand, if we were to see a break down below the 10.40 level, then I think the US dollar would drop down to the 10.20 level over the next couple of weeks.

NZD/USD
The New Zealand dollar rallied during the course of the week, as it broke toward the 0.6250 level. This is an area that’s been important before, and I think that if it can break above there, then there would be more aggressive resistance near the 0.6350 level.I see the New Zealand dollar as a bit weak — that is, until it can break above that level. In the short-term, it’s worth noting that the Stochastic Oscillator has rolled over in the overbought condition on the weekly chart, so traders may see a short-term pullback.

USD/CHF
The US dollar fell during the course of the trading week as it tested the crucial 0.84 level, which is an area to keep an eye on. By turning things around to form a hammer, I think this has become a situation where buyers may come in and try to pick up the US dollar, which would be more of a “risk-on move,” considering that the Swiss franc is believed to be the “ultimate safety currency.”

GBP/USD
The British pound rallied significantly during the course of the trading week, as it finally reached above the 1.3250 level. This is an area that I think a lot of traders have been paying close attention to. It is worth noting that the strong close for the week may be a sign that the British pound could continue to go higher, and as the Bank of England has not cut rates while the Federal Reserve has this week, I think that’s a positive sign for the GBP/USD currency pair in general. Short-term pullbacks could serve as buying opportunities going forward.

USD/CAD
The US dollar continued to move back and forth against the Canadian dollar near the 50-week EMA, which suggests that the price action in the market may continue to move sideways.The pair seems to be in the middle of a consolidation range between the 1.3150 mark on the bottom, and the 1.39 level at the top. In other words, I’m very neutral and ambivalent on this pair going forward. Overall, I probably will wait until we see the pair reach the outer edges of this consolidation area before I could consider putting money to work.More By This Author:Crude Oil Forecast: Continues to RecoverUSD/CAD Forecast: US Dollar Tests 200 Day EMA Against Canadian DollarEUR/JPY Forecast: Bottoming Out?