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WTI Crude Oil
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Thecrude oil market initiallyfellduring the trading week, only to turn around and show signs of life. In fact, itbounced hard enough for me to think that crude oil may begetting ready to bounce toward the $80 level.
That being said, it’s worth noting that the market has been very range-bound over the last twoyears, and I don’t think that will change anytime soon. This might be a short-term bounce that you can take advantage of, but I would not get married to this position due to all the various problems around the world.
Silver
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Silver wasbattered during most of the week, but itbounced from the crucial $26.50 leveland the 50-week EMA. By doing so, it looks to betrying to save the uptrend, but there are many global issuesthat could cause issues for silver in general.
Ultimately, I think the silver market will bounce and go looking to rally again, sooner or later.If itwere to break down below the $26 level, that would essentially signalthe end of the trend. As things stand right now, I think we willcontinue to see a lot of volatility, and thismight not be a market to be involved with.
GBP/CHF
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During the week, the British pound got absolutely crushed against the Swiss franc, beforeitturned around toshow signs of life. It’s worth noting that the 1.0750 level is an area that has previously served asmassive support, and it appeared to be attempting a breakabove the 1.10 level. If it couldbreak above the high of the week, it’s very possible that this pair could try to recover and go higher, potentially reaching the 1.13 level.
Bitcoin
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Bitcoinplunged during the week, right along with everything else, and it even managed to pierce through the $50,000 level. However, by the time Friday came back around, the market had risen to break above the $60,000 level, meaning that the space isessentially unchanged. This is an extraordinarily bullish sign, and it’s likely that the market will continue to see plenty of buyers out there every time there is a dip.
DAX
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The German index plunged during the week to break below the EUR17,000 level, only to turn around and show signs of life. It looks like the 50-week EMA will continue to be a bit of a support level, and it appears to beforming a hammer for the week.
If the indexcan break back above the EUR18,000 level, I suspect that there will be a lot of “FOMO traders” joining this market. Alternatively, if we were to see a break down below the candlestick for the week, that would be a horrific sign.
EUR/GBP
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The euro spiked against the British pound during the week, but it looks as likethe 0.86 level is going to continue to be a major barrier. While I do think that short-term pullbacks willattract a certain amount of attention,theEUR/GBP market would need to stayabove the 0.85 level to build confidence. If this isthe beginning of a trend change,it would not be surprising to see a lot of volatility.
GBP/JPY
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The British pound crushed the Japanese yen after initially being crushed by it in what has been extraordinarily volatile week. The JPY180 level has offered a massive amount of support, enough to spook the market back to the upside, reaching above the JPY187 level.
At this point, if we do see a little bit of follow-through, meaning that itcan break above the top of the hammer, then the market is likely to go looking to the JPY190 level, and any movementabove that point would likely bringmore 'FOMO' into the space.
USD/CAD
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The US dollar initially tried to break above the crucial 1.39 level during the course of the week, but we have seen a lot of fear in the market dissipate. The US dollar has been on its back foot, despite the fact thatwe got horrible jobs numbers in Canada on Friday.
Because of this, I think theUSD/CAD marketwill be watching the 1.36 level underneath very closely for any signs of support. If we were to see a breach of that level, then it’s likely that the US dollar couldbreakdown to the 1.34 level.
More By This Author:
EUR/CAD Forex Signal: Plunges To Reach Support
GBP/USD Forecast: Bounces Against US Dollar
Gold Forecast: Continues To See Massive Choppiness
