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AUD/USD
The Australian dollar has spent the week rallying, although it’s been very noisy. As we close out the week, we have threatened the 0.66 level. If we can close above there on a daily candlestick, it’s more likely that we will continue to go higher and could go as high as the 0.69 level. Short-term pullbacks at this point in time could see support near the 0.65 level. Keep in mind that there is no jobs number coming out on Friday, as it’s the following week, therefore it’s likely that we see more noise than anything else.
USD/JPY
The US dollar initially plunged against the Japanese yen during the course of the trading week, but then turned around to show signs of life again. At this point, it looks like the market is trying to go higher, and it’s worth noting that we bounce from the crucial 200-Week EMA, and of course the trend line that is so clear on the chart. By forming a hammer, it suggests that we are going to go higher over the longer term. The ¥152 level is the next barrier, and if we can clear that area, then I believe that the US dollar is looking to the ¥155 level. Pullbacks at this point in time continue to be buying opportunities.
CAD/CHF
The Canadian dollar initially felt during the course of the trading week, but then turned around to show signs of strength against the Swiss franc. It might be worth noting that we are at an area that has been significant support previously and may have just found liquidity underneath. If we can break above the 0.6550 level, I think at that point it’s very likely that the Canadian dollar will trade higher, perhaps reaching as high as the 0.67 CHF level.
USD/CAD
The US dollar initially rallied against the Canadian dollar for the week, but has turned around to show signs of life. By doing so, the market looks as if it is trying to find support underneath at the end of the day on Friday, but it’s also worth noting that the 1.39 level is a very significant resistance barrier that we have just pulled back from. At this point, we have to question whether or not we are just going to hang around in consolidation? If we break down below the 1.3575 level, then I suggest that we drop down to the 1.33 level. Otherwise, expect a lot of choppy sideways action.
USD/INR
The US dollar has done almost nothing against the Indian rupee, as the Bank of India continues to manipulate the markets. That being said, it is in an uptrend and has been going sideways since the move higher over the last couple of months. In other words, think this remains a “buy on the dips” type of market, and if we can break above the ₹83.50 level, this is a market that could go much higher. On the downside, the 83 repeat level is significant support.
USD/MXN
The US dollar has fallen again against the Mexican peso, but it’s worth noting that it was not a very big candlestick. At this point, we are testing a major support level, which I think centers around the 17 pesos level. If we were to break down below there, then we could go looking to the 16.50 pesos level. On the upside, the 17.50 pesos level will be significant resistance, and breaking above there would be a very bullish sign. At this point, the interest rate differential still favors the Mexican peso by quite a bit.
US Oil (WTI)
The West Texas Intermediate Crude Oil market has been all over the place during the course of the trading week, as we continue to look at the $75 level as a major support level. At this point, the market is likely to continue to see a lot of uncertainty, as OPEC has a meeting coming rather soon, and it looks like we are going to see some type of volatility as a result. All things being equal, if we can turn around and break above the $80 level, then it’s possible that we could go much higher, perhaps reaching the $92 level.
BTC/USD
The bitcoin market initially felt during the course of the week, but then turned around to show signs of light. It looks like we are trying to break above the $30,000 level, opening up a move to the $40,000 level. This continues to be a bit of a “buy on the dip” type of market, and I just don’t see that changing in the short term. This will be especially true of the US dollar continues to soften overall.
