[ad_1]
Forex Brokers We Recommend in Your Region
See full brokers list 
The GBP/USD rallied significantly during the course of the trading world but then turned around to show signs of negativity. The 200-week EMA has offered a bit of resistance, and now we have broken down below the trendline, there’s a real question as to whether or not we are going to go down to the 50-week EMA. Underneath there, then we have the 1.2350 level both of which could offer significant support. That being said, it looks like we are running a bit toward the US dollar in general.
The EUR/USD has been noisy, to say the least on the course of the last 5 days, but now it looks like we are hugging the 50-week EMA. The 1.08 level is an area that a lot of traders will pay close attention to. If we break down below there, then it’s likely that the market goes down to the 1.07 level. On the other hand, if we turn around a break above the top of the candlestick for the week, then it’s possible that we could go looking to the 200-week EMA. All things being equal, we are still hanging on to an up-trending channel.
The USD/CAD has rallied significantly during the course of the week as we continue to see the greenback strengthen. All things being equal, this is a market that looks like it is trying to break out and go looking to the 1.38 level. If we break down below the bottom of the candlestick for the week, then it opens up and moves down to the 50-week EMA. At this point, it does look a little bit stretched so we will have to wait and see how this plays out.
Silver has rallied rather significantly during the course of the trading week, breaking above the $24 level. At this point, I think the market is likely to continue to see the silver market try to get to the $25.50 level above, which is a major barrier to overcome. We can break that, then Silberg is looking to the $26 level on the other hand, if we turn around and fall from here, it’s likely that we could go down to the 50-Week EMA, which is closer to the $23.25 level.
The US Oil market has fallen rather significantly, and therefore it’s likely that we continue to see plenty of noise. That being said, there is the 50-Week EMA that is starting to offer a little bit of support, so I think at this point it looks like the oil market is trying to sort itself out, perhaps paying close attention to the idea of a lack of supply causing major headaches for traders. As OPEC continues to take supply out of the market, it’s likely that the price of oil will continue to go higher.
Gold markets have rallied a bit during the course of the week, as the 50-Week EMA has come into the picture to offer a bit of a headache. All things being equal, if we break above the top of the candlestick, then I think gold does look into the $2000 level. If we break down below the bottom of the last 2 weeks, then the market really starts to fall apart, perhaps testing the $1800 level underneath, although I think that would be a rather significant shift in overall attitude.
The NASDAQ 100 has shot higher during the course of the week, only to turn around and show negativity during the Jackson Hole speech. All things being equal, this is a market that I think continues to go back and forth on the latest narrative, but right now I think we’ve got a situation where the traders are out there trying to figure out whether or not Uncle Jerome is going to stick to his guns with tight monetary policy. At this point, I think we continue to see volatility get worse, not better so one would have to think that there is probably more downward pressure coming.
The USD/ZAR has plunged against the South African Rand during the course of the week, but it does look like we are hanging around the 18.50 Rand level, an area that has been important previously. It was significant resistance, and now it looks like it’s offering a bit of support. If we can turn around and go higher, the 19 Rand level would be targeted. Underneath, the 50-Week EMA sets nearly 18 Rand level, and I think it does offer dynamic support.
[ad_2]