AUD/USD
The Australian dollar moved all over the place during the course of the week, as it broke above the 50-week EMA before it then turned around to drop to the 0.65 level.This market has experienced a large amount of noise, and risk appetite has proven to be a major influence on the space. With this being the case, I think traders will likely continue to search for the bottom near the 0.65 level. So as long as it can stay above there, traders may be willing to jump in and “buy the dips” for short-term trades.
USD/CAD
The US dollar fluctuated against the Canadian dollar, as the space had to contend with both the Federal Reserve interest rate decision and the Canadian employment figures this week. Furthermore, this week also saw the results of the US election, which appear to be very pro-dollar at the moment.Price action appears to be at the top of a larger range, between the 1.3450 level and the 1.40 level above. As price action looks to be threatening the 1.40 level, keep in mind that a break above that point would be a major turn of events and could send in a lot of “FOMO” traders to try to take advantage of it.Because of this, I think traders should watch this pair very closely. If we do see a pull back from here, there should continue to be plenty of support near the 1.38 level.
NZD/USD
The New Zealand dollar moved all over the place during the course of the week, as it continued to witness a lot of noisy behavior. It’s probably worth noting that it has been hanging around the crucial 0.60 level, which is a large, round, psychologically significant figure. However, it should be noted that the true support from a longer-term standpoint looks to be down at the 0.5850 level.In other words, price action may be getting fairly close to a point where the New Zealand dollar could be seen as “too cheap.”
Nasdaq 100
The Nasdaq 100 shot straight up in the air during the course of the week, as the space continued to see a lot of bullish pressure. The Federal Reserve cutting rates has boosted the market. The US election also seems to have spurred many into jumping in and taking a lot of risk in various markets. With this being the case, I think this will likely continue to be a “buy on the dips” type of market.
WTI Crude Oil
Crude oil moved back and forth during the course of the trading week, as it closed out near the $70 level. The $65 level underneath will likely continue to be a major support level, as it has previously been an important area over the last two years. As long as the price can stay above that point, then it’s likely that value hunters will be willing to jump into the space.A break down below there would be a major disaster just waiting to happen. On the other hand, if crude oil could break above the $75 level, then traders could see a shot toward the $82.50 mark.
CAC 40
The Parisian CAC 40 initially rallied during the week to test the 50-week EMA, before it turned around and broke down significantly. At this point, it looks like the market has been trying to hang around the EUR7300 level, which is a notable area.After that, the EUR7000 level that could offer a significant amount of support as well. On the other hand, if it were to turn around and break above the top of the candlestick for the week, such a move could open up more buying pressure and send the market into the EUR7750 region.
GBP/CHF
The British pound moved all over the place during the course of the week, as it initially dropped well below the 1.1250 level, only for it to then turn around and show signs of life.At this point, it looks like traders are trying to drive this pair higher. If the pound can break above the 1.1350 level, then it could open up a move to the 1.15 mark over the longer-term. On the other hand, if it were to break down below the 1.1150 level, then the market could possibly drop down to the 1.10 level.More By This Author:Natural Gas Forecast: Sideways TradingUSD/CHF Forecast: US Dollar Skyrockets Against Swiss Franc After ElectionUSD/CAD Forecast: Eases Amid Profit-Taking
