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GBP/USD
The GBP/USD has pulled back a bit during the course of the trading week, basically wiping out all of the gains from the previous one. That being said, we are also sitting near the 200-Week EMA, and I do see a lot of support underneath. My suspicion is that we will see a little bit of follow-through to the downside, but eventually bounce from a trough. However, if we were to break through the 1.2650 level, the British pound will continue to go much lower.
EUR/USD
The EUR/USD has pulled back trading during the last several days, reaching down to the 1.11 level. The 200-Week EMA is set just underneath, and therefore it’s likely that we would see buyers trying to come back into this picture. After all, you can make an argument for an ascending triangle that we are testing the top of, therefore it’s likely that we should see support. However, if we were to turn around and break down below the 1.08 level, then we start to fall apart. Nonetheless, I think it’s probably likely that we see more of a “buy on the dip” attitude.
Silver
Silver initially tried to rally during the course of the trading session, showing signs of bullish pressure. However, we have turned around to show signs of negativity, and of course exhaustion. That being said, the previous week was extraordinarily bullish, so I think a pullback makes quite a bit of sense. Nonetheless, I do think that value hundreds will show up toward the end of the week, perhaps near the $24 level. Alternatively, if we were to break above the top of the candlestick for this past week, it opens up the possibility of a move to the $26 level.
USD/CAD
The USD/CAD initially fell during the trading week, but we are hanging around above the 200-Week EMA. All things being equal, we break above the top of the candlestick, then it’s likely that we could go above the 1.33 level, and perhaps the 1.34 level. In general, we are trading in a tight range, and therefore I think you’ve got a situation where more consolidation is probably on the way.
AUD/JPY
The AUD/JPY has pulled back a little bit during the course of the week, only to turn around and show signs of life again. At this point, if we break above the top of the candlestick, then it’s possible that we could go looking to the ¥97.50 level. Underneath, the ¥92.50 level offers support, right along with the 50-Week EMA. All things being equal, is likely that we would see a lot of buying pressure eventually, due to the fact that the Bank of Japan remains ultra-loose with its monetary policy, while the Australian dollar continues to see the Reserve Bank of Australia act hawkish.
NZD/USD
The NZD/USD dollar has gotten hammered during the course of the week, breaking down to the 50-Week EMA. At this point, it’s very possible that the New Zealand dollar will go looking to the 0.60 level, a psychologically important figure. If we do break down below there, it’s likely that the market will go down to the 0.58 level. On the other hand, if the 0.60 level gets supported, then it could bounce back toward the 0.62 level, possibly even the 0.64 level. Keep in mind that the New Zealand dollar is highly sensitive to global growth.
Copper
I don’t normally cover copper, but quite frankly it’s an important commodity. While a lot of you may or may not trade the market, it is something worth paying attention to as the market tends to show us where economic growth may or may not be heading. The $4.00 level above continues to offer resistance, right along with the 3.75 level underneath offers support. If we break down below the 200-Week EMA, which is basically at the bottom of that range, then it’s likely that we go down to the $3.50 level. On the other hand, if we turn around break above the $4.00 level, that would be very bullish and it could open up a move to the $4.25 level, but perhaps more importantly, that markets in general could be “risk on.”
NASDAQ 100
The NASDAQ 100 initially tried to rally during the course of the week but gave back quite a bit of the gains to turn around and form a shooting star. We are digging into an area that previously has been noisy, so I do think that the NASDAQ 100 gets a bit of a pullback here. That being said, I am not a seller of the NASDAQ 100, due to the fact that the market has quite a bit of support underneath. The 15,250 level underneath is your short-term floor, followed by the crucial 14,500 level.
