Silver
The silver market initially tried to break out during the week, but once we got above the $70 level, it looks like we have fallen apart as interest rates in America remain noisy.
And the statement by Federal Reserve Chairman Kevin Warsh did throw everything into disarray as traders are now starting to focus on the fact that the Federal Reserve may very well be hawkish longer than anticipated. And now the $70 level looks like it is a significant barrier that will be difficult to break above.
Going into the next week, it is likely that we could see a bit of softness. The question is, how long will it last? I think it is still a moving situation.
Nasdaq 100
The Nasdaq 100 has been all over the place during the week, and with that being the case, I think we are basically just sitting sideways.
Overall, I think a lot of traders will have to catch their breath and then maybe over the weekend find reasons to get long again, because, quite frankly, the earnings season has been good.
But traders right now continue to see a lot of concerns. But when you look at the longer-term chart, it's easy to see that we are still bullish.
Gold
The gold market tried to break out above the $4,700 level. The level has proven to be a bit too much to get beyond.
But I think at this juncture, it looks like the speech from Kevin Warsh has really rattled the markets, and now we are going to be paying close attention to the $4,500 level.
The $4,500 level is a large, round, psychologically significant level that will remain important. If we break through there, then it could be rather negative.
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AUD/USD
The Australian dollar initially tried to rally, but gave back gains pretty quickly to show signs of hesitation, and as a result, we have since seen the market roll over to form a bit of a shooting star.
Whether that continues to be the case remains to be seen. But I do think it's worth noting that traders are looking at this through the prism of reaching the top of an overall range that we had been in for some time.
So, with that being said, I think you have to look at this as a market that will eventually find a reason one way or another to get to the downside. The 0.69 level is a major floor. We are starting to get to the overbought condition in the Stochastic Oscillator, ready to see a bit of a moving average crossover.
USD/MXN
The US dollar rallied against Mexican peso, especially on Friday as traders have seen a lot of shift in attitude when it comes to this pair.
And despite the fact that the interest rate differential still favors the Mexican peso, that being said, Kevin Warsh sounding more bullish than people had anticipated certainly seems to have an influence here.
And while the Mexican peso still offers more in the way of interest rates, the reality is that the US dollar is surging against almost everything.
So, the fact that we are right around the 17 level while this is bouncing isn't lost on me either, as it is an area that's been important multiple times in the past.
GBP/USD
The British pound gave back any sense of strength this week, and again, a lot of this would have been on Friday as the stronger-than-anticipated kind of attitude out of the Federal Reserve is something that people just weren't ready for.
Because of this, I think the British pound just touched the top of a larger time frame resistance barrier, and now the market is likely to continue to be a situation where we just stay in the same range that we had been in for most of the year.
EUR/USD
The euro has fallen significantly from the 1.17 level, and that area has been important multiple times.
Ultimately, when you look at this, it does make a certain amount of sense that we would see a certain amount of traders looking to buy the US dollar, as the interest rate differential not only favors the US dollar, but that interest rate differential could very well end up being a widening gap that people take a certain advantage of to get paid at the end of every day.
BTC/USD
The Bitcoin market did a complete turnaround at the end of the week, and now it looks like the overall attitude in this market is one that probably starts to show cracks in it.
But the question is whether we would actually fall from here of any significance. It will be interesting to see how that plays out.
But right now, I certainly think we are revved up for some type of drop from here. And with that, I am looking for this to be a bit of a negative week as the $80,000 level has certainly shown itself to be a massive barrier.
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