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Weekly Forex Forecast - Silver, AUD/USD, Bitcoin, NASDAQ 100, EUR/USD, Gold, DAX, USD/CAD

Silver

Weekly Silver Chart - 09/06: Silver's Volatile Week

Silver initially tried to rally during the course of the trading week but then collapsed as we have seen a lot of concerns when it comes to the Federal Reserve and whether or not it will keep its monetary policy tight, or if they will start cutting. It certainly looks as if silver is trying to find buyers at the end of the week, and I think we will sooner or later. I’d be very cognizant of what happens near the $20.50 level, because I believe that is going to be a significant floor. If silver can recapture the $30 level, that would also be a very bullish sign.

AUD/USD

AUD/USD Weekly Chart - 09/06: AUD's Choppy Week

The Australian dollar initially tried to rally during the week as well but continues to see the top of the overall triangle offer resistance that goes back to the beginning of the previous year. All things being equal, this is a market that continues to see a lot of choppy and noisy behavior, but if we do continue to see downward pressure we could drop as low as 0.6450 and still be in the same noisy consolidation region. On the other hand, if we were to break above the 0.6750 level, then we could go looking to the 200-We EMA which is closer to the 0.69 level.

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    Bitcoin

    Bitcoin Weekly Chart - 09/06: Bitcoin's Big Week

    Bitcoin markets have rallied significantly during the course of the trading week, as we continue to pay close attention to the $73,000 level. The $73,000 level of course is an area that has been significant resistance multiple times, so I do think that if we can break above there bitcoin is likely to continue taking off to the upside and will attract more buyers going forward, as people will start to feel “FOMO” again. On pullbacks, I believe bitcoin will find support at the $67,000 level, and then again at the $60,000 level.

    NASDAQ 100

    NASDAQ 100 Weekly Chart - 09/06: NASDAQ's Momentum

    As per usual, the NASDAQ 100 has seen plenty of buying pressure. At this point, it becomes obvious that this is a momentum driven market, and anytime it pulls back, you have to be looking at it through the prism of a potential buying opportunity. Despite the fact that traders are worried about the Federal Reserve, Wall Street will always find a way to sell stock, and that most certainly is what we are seeing here. It looks like we are in the midst of some type of potential melt up, possibly even reaching the $20,000 level. Underneath, I see plenty of support near the 18,500 level.

    EUR/USD

    EUR/USD Weekly Chart - 09/06: Euro's Choppy Week

    The euro initially rallied during the week but gave up its gains as well. Ultimately, this is a market that I think continues to see a lot of noisy behavior, and I do think that we remain in a larger consolidation region. The 1.08 level seems to be rather supportive, but if we were to break down below there could open up the possibility of a move down to the 1.07 level. On the other hand, if we rally from here then I think the 1.09 level is resistance, which blowing through there could open up the possibility of a move to the 1.10 level after that.

    Gold

    Gold Weekly Chart - 09/06: Gold's Turbulent Week

    Gold markets have initially tried to rally during the week but got absolutely crushed as we now start to focus on the idea of whether or not the Federal Reserve will cut rates. The $2300 level of course is an area that a lot of people will be paying attention to, as it has been supported multiple times. If we were to break down below the $2280 level, then it’s possible that gold could drop to the $2150 level. In general, this is a market that I do like overall, because I believe that the geopolitical concerns and of course the fact that central banks around the world are cutting would continue to help gold going forward.

    DAX

    DAX Weekly Chart - 09/06: DAX's Steady Week

    The German DAX has gone back and forth during the week as we continue to consolidate near the €18,500 level. I think this is a market that will continue to find short-term pullbacks as buying opportunities, with the €18,250 level underneath offering support, followed very closely by the €18,000 level. On the upside, the €19,000 level could be a barrier, and I do think it is the initial target. After that, then we have the possibility of a run toward the €20,000 level over the longer term.

    USD/CAD

    USD/CAD Weekly Chart - 09/06: USD/CAD's Big Rally

    The US dollar has rallied significantly against the Canadian dollar as the jobs report in America shocked everyone. At this point, we are breaking above the top of a couple of inverted hammers on the weekly timeframe, so that does suggest that we are going to continue to see upward pressure. At this point, I think that we could be looking at the possibility of a move to the 1.39 level, an area that has been important multiple times in the past as significant resistance. If we can break above there, then the market really could start to take off to the upside.

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    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

     

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