USD/JPY
The US dollar has pulled back a bit during the course of the trading week but found enough support near the ¥148 region to turn around and show signs of life. Ultimately it looks like we are trying to break above the ¥150 level, but it may take a while to make that happen. Ultimately, this is a market that has plenty of buyers underneath, and therefore it’s likely to see more of a “buy out the dip” mentality going forward.
EUR/USD
The Euro initially tried to rally during the trading week but got absolutely crushed as bond yields in America continue to be a major driver of markets. With this being the case, if we break down below the previous weekly candlestick, I think we freefall toward the 1.0250 level, possibly even lower than that given enough time. If we break above the top the candlestick for the week, we could make a move toward the 1.07 level.
Gold
Gold markets had a monster we, as we have shot straight up in the air. Ultimately, it looks like the market is going to struggle in this general vicinity, so would not be surprised at all to see a little bit of a pullback. This is a little bit of a panic move, so that pullback makes quite a bit of sense. Whether or not it is a tradable event remains to be seen, but it is something to keep in the back of your mind.
WTI Crude Oil (US Oil)
The West Texas Intermediate Crude Oil market has initially fallen during the week, only to turn around and show signs of life again. It looks like we are heading toward the $90 level, and the 50-Week EMA underneath continues to be a major driver of where we go next. That has offered a significant amount of support, and I think that will continue to be the case. If we were to break down below the $80 level, that could cause chaos.
NASDAQ 100
The NASDAQ 100 initially tried to break out during the week, but got absolutely crushed on Friday. That being said it looks like we are setting up for some type of consolidation, and I do think that continues to be the mainstay going forward. With that being the case, pay close attention to the bottom of the candlestick for the past couple of weeks, because if we were to break down below there, we could plunge toward the 13,750 level. On the other hand, if we can take out the top of the candlestick for this past week it would start to confirm a bullish flag and we could go much, much higher.
Silver
Silver markets, much like gold, shot straight up in the air. However, it faces quite a bit of noise just above and I think at the first signs of exhaustion, I might throw a small position out there on the short side. Quite frankly, silver does not carry the same safe haven bid as gold, and there are a lot of industrial concerns at the moment. Having said that, if it were to clear the $24 level, they could send this market racing to the upside. The size of the candlestick is somewhat impressive, but we still have a lot of traffic to get through.
USD/CAD
The US dollar initially fell during the trading week, but then turned around to show signs of life again. It was like we are trying to get to the 1.38 level, which is the top of the overall consolidation range that the US dollar has been trading against the Canadian dollar. Break and above that opens up the possibility of moving to the 1.40 level. On the other hand, if we break down below the bottom of the candlestick for this past week, that could open up a move down to the 1.34 level where the 50-Week EMA currently resides.
BTC/USD
Bitcoin continues to be the place where money goes to die. We really haven’t done much since March, and this past week did not settle much. However, if we did break down below the $24,800 level, we could see continued downward pressure. On the other hand, if we break above the $30,000 level it’s likely that we will test the $31,500 level over the longer term as well. With this, I believe you have more consolidation ahead than anything else as we wait to see what happens next with crypto in general.
