GBP/USD
The British pound has rallied a bit during the course of the week to touch the 1.36 level, a large, round, psychologically significant figure that a lot of people will have been paying close attention to. If the market can break above there, then the 1.38 level would be targeted next as it was a major swing high. Short-term pullbacks at this point could be expected, as traders will be waiting to see what the Federal Reserve has to say on Thursday, which of course will have a major influence on the US dollar itself.
Bitcoin
Bitcoin has rallied a bit during the week to break above the $115,000 level, but it also looks as if it is still very much stuck in a consolidation area. The market rallying at this point in time could send Bitcoin all the way to the $120,000 level, where we had seen a massive barrier previously. On the other hand, if we drop from here, the $110,000 level end up being a support level. Ultimately, this is a market that is in a bit of a range but also has to see a bit more in the way of risk appetite to truly take off to the upside.
EUR/USD
The euro has been all over the place during the week, as we continue to consolidate in the same region. We had the European Central Bank interest rate decision, and of course we have the Federal Reserve interest rate decision on Thursday of this week. At this point, we are just hanging around the same consolidation area between the 1.16 level on the bottom, and the 1.18 level on the top. The candlestick is little bit less than exciting, but it is worth noting that the previous 3 candlesticks were hammers. I think we will have to wait until we get the Federal Reserve out of the way to see whether or not we can truly break out above the 1.18 level.
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USD/CHF
The US dollar initially fell against the Swiss franc, but it did turn around to show signs of life. The 0.79 level is an area that a lot of people will be paying attention to, as it is an area that we have seen a lot of support in previously, and therefore it’s likely that we will continue to see a lot of back and forth action in this area as we try to find some type of floor in the market. If we turn around and rally from here, the 0.80 level will be targeted as a potential barrier, but if we can break above there, then we could see the market drive all the way to the 0.81 level without changing anything.
Crude Oil (CL)
Crude oil markets have rallied for the week, showing signs of life, but also struggled at the $64 level. The $64 level is an area that has been important more than once, so therefore it’s worth watching whether or not we can break above there. If we turn around and fall from here, the $62 level should offer a significant amount of support, as it has over the last month. Anything below there probably tests the large, round, psychologically significant $60 level.
NASDAQ 100
NASDAQ 100 rallied during the course of the week, showing signs of strength as we broke above the 24,000 level. NASDAQ 100 will continue to pay close attention to the Federal Reserve, as it’s likely that the Federal Reserve will cut rates next week. This has a lot of people excited, and therefore we’ve seen the NASDAQ 100 truly take off to the upside. At this point in time, it’s difficult to think of anything other than buying, but it would make a certain amount of sense to wait for some type of short-term pullback in order to find value if you get the opportunity.
AUD/USD
The Australian dollar finally broke out of the consolidation range for the last week, testing the 200 Week EMA at the 0.6679 level. All things being equal though, this is a market that is worth watching because it has been so benign for so long that the fact that it is waking at this point is worth noting. If we can break above the 200 Week EMA, it’s possible that the Australian dollar could go looking to the 0.68 level. Pullbacks at this point could drive the Australian dollar back down to the 0.6550 level, which of course has been a bit of a magnet for price.
USD/CAD
The US dollar has been all over the place against the Canadian dollar during the week, as we are threatening the 50 Week EMA. If we can break above the 50 Week EMA on a weekly close, then I think it signals that the US dollar would go looking to the 1.40 level. If we can break above there, then the market goes looking at the 1.43 level. If we pull back from here, I look for support near the 1.37 level, as it has been rather important over the last 6 weeks or so. Keep in mind that there is still no trade agreement between these 2 countries dealing with the most recent tariffs, which is a bit of a problem for the Canadian.
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