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AUD/USD
The Australian dollar’s performance was somewhat lackluster during the week, but it now appears to be attempting to bounce. It is worth noting that the market could be forming some type of base. If the market were to break above the 0.6850 level, and perhaps even more importantly, the 0.6925 level, then buyers would certainly continue to jump in and push the space to the upside.
EUR/USD
The euro exhibited significant volatility throughout the week, as it hovered around the critical 1.09 level. This price point has historically served as both support and resistance, indicating that traders may be attempting to establish a bottom, particularly following last week’s fluctuations.While the market has the potential for a more pronounced movement, it currently appears to be in the midst of a broader consolidation phase that has persisted over the past couple of years.
NZD/USD
The New Zealand dollar fell significantly during the course of the trading week, as it accelerated to the downside while the Reserve Bank of New Zealand cut interest rates by 50 basis point.That being said, it looks like the market has been trying to do everything it can to support the 0.60 level. However, a break down below the bottom of the candlestick for the trading week could spark a move to the 0.5850 level. On the other hand, if the New Zealand dollar was to turn around and break above the top of the candlestick for the previous week, it could go then looking to the 0.6350 level over time.
USD/CHF
The US dollar moved all over the place during the course of the trading week against the Swiss franc. Ultimately, the 0.86 level is an area that has served as significant resistance over the last several days, and I think if traders were to see a break above there, then the market could go looking to the 0.8750 level.On the other hand, if traders were to see a break down below the bottom of the candlestick for the week, it could then fall toward the 0.84 level underneath, which is a large, round, psychologically significant figure, and also a level that has previously been crucial with its support.
USD/CAD
The US dollar skyrocketed against the Canadian dollar during the trading week. It now appears to be threatening a move back to the 1.39 level above. That is an area that has been a major resistance barrier in the past, so I think traders should pay close attention to that area.If we were to see a break above there, then the USD/CAD currency pair could go reaching toward the 1.40 level, which is an area that would attract a lot of attention. In the meantime, I think short-term pullbacks could prove to be buying opportunities.
WTI Crude Oil
Crude oil fluctuated during the week, as its course remained unclear. The market has been in the middle of a larger consolidation area over the last couple of years, so I think this could be a major inflection point — something that traders should pay close attention to.I’m very neutral on the market at the moment, because it is essentially a “coin flip” going forward. Simply put, I would be trading in the direction of the break from this candlestick. A break through the top of it would be bullish, while a break at the bottom of it would be bearish.
CAD/JPY
The Canadian dollar pulled back against the Japanese yen during the course of the trading week, and it looks like the 110 level will likely continue to be a bit of a barrier in the coming days. It’s worth noting that the 50-week EMA has been sitting at around the same level as well.There is still plenty of support underneath, and I believe that the Bank of Japan is essentially stuck with loose monetary policy at this juncture. I’d personally be a buyer of dips at this point in time.
Nasdaq 100
The Nasdaq 100 initially pulled back a bit during the course of the trading week, only for it to then turn around and find buyers. At this point in time, it looks like traders will continue to see a lot of “buy on the dip behavior” going forward. I think it’s probably only a matter of time before we see a break out to a fresh, new high. All things being equal, it appears to be almost impossible to short this index.More By This Author:USD/CHF Forecast: Threatens ResistanceCAD/JPY Forecast: Faces Volatility As Yen Gains StrengthAUD/JPY Forecast: Eyes Key ¥100 Level
