EUR/USD
The euro witnessed a slightly positive week. However, it should be noted that the market has been at an extreme low. The 1.03 level could see a lot of price action in the coming days, and I believe a bounce is somewhat likely to occur. I believe this will likely be a “sell the rally” type of situation.The market has continued to see a lot of volatility, as the European Union has been struggling to show signs of strength. Additionally, the Federal Reserve has remained likely to keep rates tight.
USD/JPY
The US dollar continued to experience a large amount of noise against the Japanese yen over the trading week. At this point in time, the 155 level will likely continue to see a large amount of support overall. Additionally, the market may be consolidate, as the space has experienced a lot of carry trading. The market has been in an uptrend for a while, and now there seems to be potential for the Bank of Japan to tighten rates. However, the interest rate differential will continue to see the US dollar favored at this point. Ultimately, this could provide a ”buy on the dip” opportunity. The recent price action seems to suggest hesitancy, but there is still potential upside to be seen in the space.
CAD/JPY
The Canadian dollar was a bit sluggish against most currencies, including the Japanese yen, over the past trading week. At this point, it seems likely that the CAD/JPY currency pair will move in step with many other yen-related pairs.The 50-week EMA is right in the middle of the candlestick. At this point in time, it appears that the market will likely present a “buy on the dip” opportunity, although the Canadian dollar itself isn’t a currency that I would be bullish of. The JPY110 level has continued to see a bit of selling pressure, and it may come to act as a bit of a barrier.
EUR/GBP
The euro rallied once again against the British pound, as it has been hanging around the 50-week EMA. That being said, the market appears to be at an extreme low. Additionally, a bounce recently occurred off of the crucial 0.8250 level.This massive support level has continued to play a major part in this pair, which is notoriously noisy to begin with. Ultimately, though, this is a market that features two weak currencies, so noise is to be expected.
Bitcoin
The Bitcoin market shot straight up in the air during the trading week, and it looks like it may try to reach for further highs. This space appears rather bullish at the moment, as risk appetite has improved. The $110,000 level above is a massive barrier just waiting to be breached. Short-term pullbacks should continue to see buyers pour into the space in an attempt to grab value in Bitcoin. I have no interest in shorting this market anytime soon.
Gold
Gold continued to see a lot of buyers during the course of the week, as the market initially dropped a bit before it turned around to show signs of strength. The “buy on the dips” crowd still seems to be involved in this market. I don’t see that changing anytime soon, as the gold market will continue to react to geopolitical issues, and, of course, interest rates.The $2700 level will likely continue to serve as massive support. As long as gold can stay above that point, buyers will likely continue to enter the space in a bid for value.
WTI Crude Oil
Crude oil experienced a large amount of noise, as the past week brought about some buying pressure. However, it should be noted that oil also witnessed a significant pullback at the swing high. Overall, the crude oil space has contended with a lot of noise in recent days.The weekly candlestick has formed a shooting star structure, but, at this point in time, the market appears to be range-bound — albeit in a positive manner, as oil recently tested the lows.
DAX
Finally, the German DAX index was rather strong during the course of the trading week, as it broke above a significant barrier in the form of the 20,500 level. The size of the candlestick appears to be impressive, and it seems to suggest a large amount of bullish sentiment in the space. I have no interest in selling this index.More By This Author:USD/CHF Forecast: US Dollar Continues To Look For Buyers At Extreme Highs Against FrancUSD/CAD Forecast : US Dollar Falls Then Bounces Against The Canadian DollarGBP/USD Forecast: Hits Potential Floor
