EUR/USD
The euro rallied a bit during the course of the trading week, but quite frankly we just can’t seem to go anywhere. The market has been consolidating for a while, and it’s worth noting that every time the euro try to rally against the US dollar, it fails. The 1.18 level must be overcome in order for the euro to continue going higher, perhaps reaching the 1.19 level, where we had been repudiated after the FOMC press conference. On the downside, we do have a major uptrend line coming into the picture based on the daily timeframe, which if we were to break down below there, the market could test the 1.16 level. If we break down below, the trend could change.
Natural Gas
Natural gas has climbed over the course of the last week, breaking above 200 Week EMA. Ultimately, this is a market that has struggled with the $3.50 level, as we rolled over into the November contract. We are starting to go forward into colder months, and therefore I think it makes a certain amount of sense that we will continue to see buyers jump into this market given enough time. With that being said, I believe that short-term pullbacks continue to offer buying opportunities.
Silver
Silver initially fell during the trading week but turned around to rally quite nicely. Ultimately, it looks like silver is going to continue to struggle with the $48 level, an area that of course has been very difficult to break above over the last several days. If the market can break above the $40 level, it’s likely that the market will go looking at the $50 level, an area that has historically caused a lot of problems. Short-term pullbacks are likely, and I would anticipate that there should be significant support at the $46 level, and then again at the $45 level.
Top Forex Brokers
Gold
The gold market had a very strong week, breaking above the $3900 level. All things being equal, this is a market that I think continues to see a lot of bullish pressure, and I do think that every time we get a little bit of a pullback traders will be willing to get involved. Remember, we had previously been in a massive ascending triangle, that measured for a move to the $3800 level. It’s that very same $3800 level that I believe ends up offering a bit of support in the short term on dips. Ultimately, gold will try to get to the $4000 from everything I see on the chart.
USD/CAD
The US dollar has been noisy against the Canadian dollar during the bulk of the week, as we are now threatening the 1.40 level. Breaking above that level opens up a much bigger move, perhaps reaching the 1.4250 level. Short-term pullbacks should continue to attract a certain amount of attention, as the market continues to focus on interest rate differential between the United States and Canada, and of course the weakening Canadian economy.
GBP/USD
The British pound initially rally during the week but gave back gains again, as we continue to see a lot of volatility. The 1.34 level continues to be a major support level, and if we can break down below there, the market is likely to go looking at the 1.3350 level. Anything below opens up the possibility of a move to the 1.32 level underneath. To the upside, if we can break above the high of the last and the one before it, we will probably challenge of 1.36 level we are on the precipice of something bigger, but right now we just don’t have the momentum to make a decision as to which direction we want to search toward.
Bitcoin
Bitcoin rallied rather significantly during the course of the trading week to break above $120,000. At this point, it looks like we are closing at the very top of the range, which of course is bullish. Ultimately, this is a market that looks as if it wants to go higher, perhaps trying to break above the recent high of $124,000 or so, opening up the next move to the upside. Pullbacks should continue to offer buying opportunities for those looking for value.
NASDAQ 100
The NASDAQ 100 continues to see a lot of buying pressure, and on Friday, was pressuring the 25,000 level. The US government shutdown, so we did not get the Non-Foreign Payroll announcement, so that deep keeps volatility on the market. Over the last several months, we see the NASDAQ 100 trade in a very well defined channel, it looks like the same is going to be true. Pullbacks at this point should end up being buying opportunities in this very bullish market that continues to just simply grind to the upside. Expect some noise around the 25,000 level, but once we get that in the rearview mirror, the NASDAQ 100 will be free to go higher.
Ready to trade our Forex weekly forecast? We’ve shortlisted the best forex trading accounts to choose from.