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The British pound rallied during the course of the trading week, as it tried to reach the 1.25 level. If it was able to break above that point on a daily close, then it could start looking towards the 1.30 mark. It looks as though the 1.20 level underneath could be a major support level.
The euro took off to the upside during the course of the trading week, as it tested the previous uptrend line as resistance. The 1.09 level above could be a major barrier. If the euro manages to breach that point, it could then go looking towards the 1.10 level. Underneath, the market appears to house a lot of support near the 200-week EMA, closer to the 1.0720 level.
The US dollar moved back and forth against the Canadian dollar over the course of the week, before it settled on a slightly negative candlestick. It looks like the 1.40 level above may continue to serve as a major resistance barrier.If and when we are able to see a break above that point, the US dollar should take off toward the 1.45 level. On the other hand, if it is able to take out the 200-week EMA underneath, then it could possibly go looking to the 1.35 level instead.
The Nasdaq 100 experienced yet another bullish week, as it appeared as though it was trying to break out. The 16,000 level above looms large, and if it can clear that mark, then it could likely move much higher. It’s also worth noting that it has recently broken out of the major bullish flag, so I think there will be plenty of buyers every time it pulls back.
The US dollar broke down significantly over the course of the week, as the inflation numbers continued to drift lower. The market has been in a bit of a frenzy, as many suspect that the Federal Reserve may be done raising rates, and therefore the greenback has taken a dive against the Swiss franc.A break down below the 0.88 mark would open up the possibility of a move back down to the 0.86 level. As far as buying is concerned, the 0.90 level would need to be recaptured to do so.
Gold markets surged during the course of the trading week, as it looked like it was trying to do everything it could to get to the $2000 level. Friday saw a bit of a sell-off though, so I believe that the area ahead may present significant consolidation.Keep an eye on the interest rate situation in the United States. If it continues to drop, it would make sense to see gold rally as a result. If the yellow metal manages to break above the $2000 level, then it could go looking towards the $2100 level after that. It’s also worth noting that it bounced from the 38.2% Fibonacci level.
Bitcoin moved slight sideways during the course of the week, as the $40,000 level above loomed as resistance. The market seemed to have gotten ahead of itself a tad, so it would not surprise me to see a little bit of a pullback at this point. Such a move would likely attract inflows. You could make an argument that an ascending channel has been forming, and it appears as though the market may want to reach higher at this point.
The Japanese index rallied again during the trading week, as it looked like it was trying to break above the JPY33,500 level. It’s worth noting that, like most indices, it has been forming a bullish flag, and it’s likely to see a bit of follow-through.At this point, short-term pullbacks may offer buying opportunities, but if it can clear above the JPY34,000 level, this market would be ripe for an even bigger move to the upside. I have no interest in shorting the Nikkei 225 anytime soon. More By This Author:GBP/USD Forecast: Looks UnderneathEUR/USD Forecast: Looking For Its Next Move Silver Forecast: Looks At Resistance Above