USD/JPY
The US dollar rallied during the largest part of the trading week as the uptrend of the US dollar against the Japanese yen continues to be a main theme here. That being said, the market is likely to continue to see buyers on dips to take advantage of value. The 160-yen level could be a bit of short-term support, and if we were to break down below there, we could see support again at the 158-yen level.
All things being equal, this is a market that continues to pay you at the end of every day, and the Bank of Japan could intervene, but quite frankly, that's a bit of a futile project at the moment, as the interest rate differential is so strong, and of course, the Federal Reserve may have to raise rates again.
Bitcoin
The Bitcoin market fell a bit during the trading week, and it looks like the $60,000 level underneath continues to be important as support. If we were to break down below the $60,000 level, then we could see a drop down to the $50,000 level.
That being said, all things being equal, I think this is a market that remains somewhat sideways at the moment as we are in the midst of a huge cluster of trading during the bulk of the 2024 trading year.
AUD/USD
The Australian dollar did try to rally, but the market has pulled back to show signs of weakness. All things being equal, the 0.6950 level is a support level, and the 0.7150 level is a resistance area.
The market looks very much like one that wants to stay in this range, and as we try to navigate whatever is going on in the Middle East, that probably continues to be a theme here as we are looking to sort out whether or not the market can continue the uptrend. If we break down below the 0.6950 level, we will probably go looking at the 0.69 level.
Top Regulated Brokers
USD/MXN
The US dollar rallied against the Mexican peso but continues to see resistance near the 17.50 level, an area that I think continues to see significant selling pressure. If we were to break above the 17.50 level, then it opens up a move to 18 pesos.
That being said, I think short term signs of exhaustion are worth selling into, at least in the short term, but it's also worth noting that the Mexicans have signaled that they are going to sit still with interest rates, and the most recent economic numbers out of Mexico look a little softer than they once did, so that could lead to regime change, but we are not there quite yet.
USD/CAD
The US dollar jumped against the Canadian dollar as it looks like the Canadian economy is starting to slow down quite drastically. With a potential recession on tap for Ottawa, it makes sense that the United States dollar should continue to gain here.
I think at this point in time, it makes a lot of sense that we eventually go looking for the 1.45 level, but a short-term pullback also makes sense from a technical analysis standpoint. The 1.40 level should continue to be supported.
NASDAQ 100
Nasdaq 100 rallied overall during the trading week as we continue to see bullish pressure in general. That being said, we did gap to kick off the week on Monday and then turned around to fill it.
Bouncing from there, it looks like we are ready to continue to continue to see buying pressure, and it's likely that the Nasdaq 100 could go looking to the 32,000 level. The 28,500 level is a floor in this market. Ultimately, I think this is a market that continues to see more of a value hunting attitude, and I think short-term pullbacks continue to be bought into.
Gold
Gold fell for the majority of the week but stays relatively stable as the $4,000 level underneath is likely to be support. The $4,000 level will be crucial, but I think if we were to give it up, that could signal a complete regime change. It's probably worth noting that falling interest rates have not helped gold, which is a complete change from what we had seen, and with that being the case, if we turn around and break above the 50-week EMA, then I think you could really start to see the gold market take off towards the 4,600 dollars level, but we need some time of momentum.
Ultimately, I think this is a market that's probably going to hang around the 50-week EMA in general. I think it remains choppy, and I think the short-term traders will continue to drive where we are going in general.
Silver
The silver market has been very noisy as well, hanging around the 50-week EMA. The market is right in the middle of 2 major levels in the form of $60 at the bottom and 70 dollars at the top.
Ultimately, I think a lot of choppiness will be found in silver, much like gold, and if we were to break above the 70-dollar level, that would be a huge victory. If we break down below the $60 level, then I think the $50 level gets targeted. Again, this is a scenario where interest rates have been dropping, but it's not helping silver.
- Ready to trade our Forex weekly forecast? We’ve shortlisted the best forex trading accounts to choose from.