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US Oil
The crude oil market rallied a bit on Friday after testing the 200-week EMA at the $75 level. All things being equal, this is the market that I believe has a real shot at turning around and showing signs of consolidation. If we were to see a break above the 50-week EMA, then the market could possibly go higher. On the other hand, if we see a break down below the $75 level, the market could then drop down to $72.50.
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Nasdaq 100
The Nasdaq 100 rallied rather significantly during the week, breaking out of significant resistance late in the week after seeing quite a bit of volatility. Because of this, the market is likely to continue to see a lot of buyers underneath this point, and short-term pullbacks could be a nice buying opportunity.The 15,250 level underneath will be a barrier that a lot of investors should pay attention to. As we are in the midst of earnings season, the market will be very volatile.
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DAX
The DAX rallied a bit during the week after initially pulling back, and now it looks set to clear the EUR15,300 level. Every time we see a pullback, there will likely be buyers. On the other hand, if there was a break down below the bottom of the previous week, the 200-week EMA would be targeted. If we were to see a break down below there, then the market would likely test the EUR14,000 level.
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USD/JPY
The USD/JPY currency pair rose during the trading week, and it looks set to break above the previous candlestick and the shooting star formation. The market is likely to continue to see a lot of volatility, but I believe those looking for value will come back into the market at the next pullback. Such value seekers may take advantage of the interest rate differential.
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USD/CHF
The US dollar rallied against the Swiss franc during the course of the week. The US dollar has been slightly positive against the major currencies in general, and the Swiss franc has not been any different. This is especially true considering that interest rate differentials continue to favor the greenback, and therefore it’s likely to go higher over the longer-term.If the currency pair is able to break above the shooting star from the previous week, that would be a very bullish sign. On the other hand, if it were to turn around and break down below the 0.878 level, such a move could cause the market to drop.
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BTC/USD
Bitcoin rallied during the course of the week, and it has recently been trying to push to the $40,000 level. Any short-term pullback at this point could attract attention, with support all the way down to the $32,000 level. Ultimately, this is a market that will likely continue to see plenty of bullish pressure, but it is nearing an area that has a lot of volatility, in the form of the $40,000 level.
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GBP/USD
The British pound initially tried to rally at the start of the week, but it then turned around to show signs of negativity. By the end of the week, it ended up jumping around in the parish flag that it has been stuck in.If we were to see a break down below the bottom of the uptrend, then the pound would likely continue moving lower, perhaps down to the 1.20 level. After that, the 1.1850 level would become the next target. If it manages to turn around and break above the candlestick for this past week, then it could go looking to the 1.25 handle.
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EUR/USD
The euro fell a bit against the US dollar during the trading week, as the 50-week EMA offered a significant resistance barrier. The euro is still in a parish flag, so it’ll be interesting to see how this plays out.If we were to see it drop from here, the market could go down to the 1.06 level below. Breaking down below that point would open up the possibility of a move down to the 1.05 level. On the other hand, a break above that point could open up the possibility of a move to the 1.09 level.
(Click on image to enlarge) More By This Author:EUR/USD Forecast: Chops AroundGold Forecast: Markets Continue To Look For Support Crude Oil Forecast: Looks For Buyers. Did We Find Some?
Pairs In Focus This Week – Sunday, Nov. 12
