BTC/USD
The Bitcoin market initially pulled back just a bit during the course of the trading week to fall toward the $90,000 level, which is a large, round, psychologically significant figure, but it has bounced since then to form a bit of a hammer.This tells me that the price action is likely trying to do everything it can to break above the crucial $100,000 level. Simply put, if Bitcoin can break that $100,000 level, then it would be very likely to see the cryptocurrency continue to the upside. Otherwise, I think we will see a lot of sideways action in this space.
Silver
Silver dropped during the course of the week, but it continued to see a lot of interest near the $30 level. Because of this, I think silver will continue to be a “buy on the dips” type of market, especially considering that traders have seen the trendline hold.At this point in time, as long as the market stays above that trendline, it’s very difficult to think about going short of silver. Furthermore, silver will almost certainly follow gold, which has been looking perky again as well.
Gold
Gold fell during the week as well, but it then turned around to show signs of life again. Market action has certainly been looking sideways at this point. Traders are likely wondering if they can find value in this space during this time. At this juncture, a short-term pullback would likely be bought into.If the yellow metal can break higher from here, then it could go looking towards the $2800 level above. Underneath recent levels, the trendline in the $2500 mark could offer significant support.
USD/MXN
The US dollar rallied a bit during the course of the trading week, only to grab onto gains as it continued to chop back and forth in the USD/MXN currency pair. This is a market that will probably continue to be very noisy, mainly due to the fact that there are a lot of moving pieces when it comes to tariffs, immigration policy, and the incoming administration. I suspect this market will continue to trade in a somewhat sideways manner.
ETH/USD
Ethereum initially pulled back just a bit during the trading week, only for it to turn around and slam into the $3600 level. On Friday, it did break above that level just a little bit, so it’s very likely that Ethereum will eventually go looking towards the crucial $4000 level above, which is an area that has been like a brick wall multiple times. Short-term pullbacks will likely continue to attract attention, as Bitcoin’s rally seems to be dragging Ethereum right along with it.
AUD/USD
The Australian dollar initially plunged below the crucial 0.65 level during the week against the US dollar, but it has since turned around to show signs of life. The Stochastic Oscillator is crossing over in the oversold condition, so it’s very possible that the space will see a bit of a bounce from here.I am not looking for some type of huge move to the upside, but a bit of a recovery seems to be in order here. On the other hand, if traders were to see a break down below the lows of the week, the Australian dollar could then go looking toward the 0.64 level.
EUR/USD
The euro rallied significantly during the course of the week to touch the 1.06 level. However, now the question becomes whether or not the euro can break above that barrier. If it does, this could open up the possibility of a move to the 1.0750 level, which is an area that has been important previously. On the other hand, it may just simply move sideways for a while. However, just like the Australian dollar, the Stochastic Oscillator has crossed over in the oversold condition at a major support level, so that is something worth paying attention to.
WTI Crude Oil (US Oil)
Crude oil fell a bit during the course of the trading week, but ultimately, it has been sitting in a range that it has been stuck in over the past couple of years. Zooming in a bit, another important range to keep in mind is the area between the $72.50 level above and the $65 level. At this point, crude oil looks set to continue moving sideways, as there is no real catalyst at the moment to get things going.More By This Author:CAD/JPY Forecast: Stabilizes Near 107.50GBP/USD Forecast: Eyes BreakoutETH/USD Forecast: Pressures Major Resistance
