NASDAQ 100
The week has been very good to the NASDAQ 100 yet again and as we look forward the question now is whether or not we can continue to break out to the upside. After all, this is a market that I think continues to see a lot of volatility and a lot of choppiness, but it is very difficult to chase this market as high as it has gone.
I think pullbacks offer opportunities that people will be looking to take advantage of, but right now I think you have to be very patient. Sometimes when a market is this bullish it is very difficult to deal with.
USD/JPY
The US dollar had plunged against the Japanese yen on Thursday as intervention got in the way, but ultimately, I think you have to look at this as a market that is going to continue to have to stabilize first in order to get traders comfortable enough to start buying the US dollar.
Ultimately, I do think that we have a situation where the Japanese central bank can only do so much as far as keeping the Japanese yen somewhat stable. After all, the debt situation in Japan is so bad that higher rates will be almost impossible to deal with. I believe that we turn around and reach the highs again.
EUR/USD
The Euro has initially fallen a bit, then turned around to rally, but ended up giving back quite a bit of its gains at the end of the week as we continue to see a lot of choppy and nonsensical behavior more than anything else.
Because of this, I think this is a situation where you just simply are going to realize that the 1.18 level is the beginning of massive resistance and it probably from what I can see at least extends all the way to the 1.1850 level. To the downside, the 1.1650 level continues to be an area of interest and below there then we could go looking to the 1.15 level.
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BTC/USD
The Bitcoin market initially fell during the week but has turned around to show signs of life and therefore the fact that we are forming a bit of a hammer for the week is probably not a huge surprise considering that we have seen so much in the way of resiliency when it comes to Bitcoin.
It has rallied throughout the majority of the war and that probably is your first real sign that something is going on here. Bitcoin looks like it may go looking to the $84,000 level but I think it is going to be a very serious fight to get there. I do not think it is instant.
USD/CAD
The US dollar has been pretty choppy against the Canadian dollar during the week as we stay in the same range that has been important multiple times in the past with the 1.35 level underneath offering support and the 1.3750 level above offering resistance.
Friday did see a bit of a bounce at the bottom of this range, so I do think it makes a lot of sense that we continue to see more of a buy on the dip behavior at least until we were to break above the 1.3750 level. If we were in fact able to break above there, then you probably have a situation where things could get really aggressive to the upside, maybe all the way to the 1.40 level before it is all said and done, but that would take some time.
Gold
The gold market initially fell during the week, bounced a bit, and fell again. Ultimately, I do think we have got an area in the form of 4,600 dollars that people will continue to pay close attention to.
It is an area that has been important multiple times in the past and I do not see that changing anytime soon. That being said, if we were to break down below the low of the week, that could send gold towards the 4,200 dollars level.
Crude Oil
Crude oil has been wild yet again during the week as we continue to see a lot of noise in general. Crude oil is obviously going to be at the mercy of the latest headlines coming out of the Middle East and Washington D.C. as well as Tehran.
With that being the case, I think you have to recognize that it is almost impossible to try to analyze or even predict where we are going next in such a chaotic environment. Over the longer term, I think we will have a higher floor than we once did but that is about the only thing I think I could say here.
GBP/USD
The British pound has been bullish during the week, but a little bit of pushback late in the week does have some questions being asked about the sustainability of any rally.
I think given enough time we probably see this market try to get back to the 1.37 level, but it may take a little while to get there. After all, that is a big level in the market going back multiple months.
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