GBP/USD
The British pound has rallied during the course of the trading we, as it looks like we are trying to get to the 1.25 level. If we can break above there on a daily close, then the market could you look into the 1.30 level given enough time. All things being equal, the market looks as if the 1.20 level underneath is a major support level.
EUR/USD
The euro took off to the upside during the course of the week to test the previous uptrend line as resistance. The 1.09 level above could be a major barrier that if we were to overcome, the market could go looking to the 1.10 level. After that, the market then could continue to take off to the outside. Underneath, the market has a lot of support near the 200-Week EMA, closer to the 1.0720 level.
USD/CAD
The US dollar has gone back and forward to the course of the week against the Canadian dollar, settling on a slightly negative candlestick. That being said, it looks like we are still trying to find buyers on dips and we may continue to look at the 1.40 level above as a major resistance barrier. If and when we break above that, the US dollar should take off toward the 1.45 level. On the other hand, if we take out the 200-Week EMA underneath, it’s very possible that this market goes looking to the 1.35 level.
NASDAQ 100
The NASDAQ 100 has had yet another bullish week, as it looks like we are trying to break out at this point. The 16,000 level above looms large, and if we can clear that it's likely that we go much higher. It's also worth noting that we have recently broken out of the major bullish flag, so think at this point in time there will be plenty of buyers every time it pulls back. I have no interest in shorting the NASDAQ 100, because quite frankly Wall Street is obviously throwing liquidity into the market.
USD/CHF
The US dollar has broken down significantly during the course of the week, as the inflation numbers continue to drift lower. This point, the market is it a bit of a frenzy, suspecting that the Federal Reserve is done raising rates, and therefore the greenback has taken a dive against the Swiss franc. If we were to break down below the 0.88 level and opens up a move back down to the 0.86 level. As far as buying is concerned, we would need to recapture the 0.90 level above the do so.
Gold
Gold markets have surged again during the course of the trading week, as it looks like we’re going to do everything we can to get to the $2000 level. Friday was a bit of a sell off though, so I believe that we are heading into an area of significant consolidation more than anything else.
Keep an eye on the interest rate situation in the United States, because if it continues to drop, it does make a certain amount of sense that gold will rally as a result. If we can break above the $2000 level, then we are going to go looking to the $2100 level after that. It’s also worth noting that we have bounced from the 38.2% Fibonacci level.
Bitcoin
Bitcoin markets have been somewhat sideways during the course of the week as the $40,000 level above looms large as resistance. The market has got a little ahead of itself so would not surprise me at all to see a little bit of a pullback, but that more likely than not will continue to attract inflows, as a lot of people will have missed this move. You can even make a bit of an argument for an ascending channel, so I think at this point in time the market certainly looks as if it wants to go higher, especially as people are trying to front run the idea of the Federal Reserve loosening monetary policy, although it’s not necessarily something is going to be doing anytime soon.
Nikkei 225
The Japanese index has rallied again during the week, as it looks like we are trying to break above the ¥33,500 level significantly. It’s also worth noting that like most indices, it is forming a bullish flag, and therefore it’s likely that we will continue to see a bit of follow-through. At this point, short-term pullbacks offer buying opportunities but if we can clear above the ¥34,000 level, this market is ripe for an even bigger move to the upside. I have no interest in shorting the Nikkei 225 anytime soon.
