WTI Crude Oil
The crude oil market initially fell during the trading week, only to turn around and show signs of life. In fact, it bounced hard enough for me to think that crude oil may be getting ready to bounce toward the $80 level.That being said, it’s worth noting that the market has been very range-bound over the last two years, and I don’t think that will change anytime soon. This might be a short-term bounce that you can take advantage of, but I would not get married to this position due to all the various problems around the world.
Silver
Silver was battered during most of the week, but it bounced from the crucial $26.50 level and the 50-week EMA. By doing so, it looks to be trying to save the uptrend, but there are many global issues that could cause issues for silver in general.Ultimately, I think the silver market will bounce and go looking to rally again, sooner or later. If it were to break down below the $26 level, that would essentially signal the end of the trend. As things stand right now, I think we will continue to see a lot of volatility, and this might not be a market to be involved with.
GBP/CHF
During the week, the British pound got absolutely crushed against the Swiss franc, before it turned around to show signs of life. It’s worth noting that the 1.0750 level is an area that has previously served as massive support, and it appeared to be attempting a break above the 1.10 level. If it could break above the high of the week, it’s very possible that this pair could try to recover and go higher, potentially reaching the 1.13 level.
Bitcoin
Bitcoin plunged during the week, right along with everything else, and it even managed to pierce through the $50,000 level. However, by the time Friday came back around, the market had risen to break above the $60,000 level, meaning that the space is essentially unchanged. This is an extraordinarily bullish sign, and it’s likely that the market will continue to see plenty of buyers out there every time there is a dip.
DAX
The German index plunged during the week to break below the EUR17,000 level, only to turn around and show signs of life. It looks like the 50-week EMA will continue to be a bit of a support level, and it appears to be forming a hammer for the week.If the index can break back above the EUR18,000 level, I suspect that there will be a lot of “FOMO traders” joining this market. Alternatively, if we were to see a break down below the candlestick for the week, that would be a horrific sign.
EUR/GBP
The euro spiked against the British pound during the week, but it looks as like the 0.86 level is going to continue to be a major barrier. While I do think that short-term pullbacks will attract a certain amount of attention, the EUR/GBP market would need to stay above the 0.85 level to build confidence. If this is the beginning of a trend change, it would not be surprising to see a lot of volatility.
GBP/JPY
The British pound crushed the Japanese yen after initially being crushed by it in what has been extraordinarily volatile week. The JPY180 level has offered a massive amount of support, enough to spook the market back to the upside, reaching above the JPY187 level. At this point, if we do see a little bit of follow-through, meaning that it can break above the top of the hammer, then the market is likely to go looking to the JPY190 level, and any movement above that point would likely bring more ‘FOMO’ into the space.
USD/CAD
The US dollar initially tried to break above the crucial 1.39 level during the course of the week, but we have seen a lot of fear in the market dissipate. The US dollar has been on its back foot, despite the fact that we got horrible jobs numbers in Canada on Friday.Because of this, I think the USD/CAD market will be watching the 1.36 level underneath very closely for any signs of support. If we were to see a breach of that level, then it’s likely that the US dollar could break down to the 1.34 level.More By This Author:EUR/CAD Forex Signal: Plunges To Reach SupportGBP/USD Forecast: Bounces Against US DollarGold Forecast: Continues To See Massive Choppiness
