USD/CAD initially tried to move higher this week, but turned down from the 38.2% Fibonacci level before breaking below the 1.33 level.
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GBP/USD gained significantly over the course of the week, with most of the gains coming on Friday when last month’s non-farm payrolls were released at 209,000 jobs, well below expectations of 225,000. It became a thing in response to that. It was also revised downwards last month, making some sense for the dollar to sell as inflation in the UK continues to intensify.
A break out of the weekly range could put the British pound into view of the 1.30 level. If not, it could retreat towards the 1.2650 level, the area that has been supported so far, which could lead to further gains or some kind of consolidation this week.
EUR/USD initially retreated a bit during the week, but is still very range bound, but Friday’s session was clearly very bullish, as was the British pound. We ended up forming a little Hammer. This suggests it’s worth noting that his 200-week EMA above is probably just below the 1.11 level, and if it clears, the euro could very well continue to move higher. It will be expensive. upwards. On the other hand, a break below the 50-EMA, which is the bottom of the ostensible candlestick, could lead to a drop towards the 1.07 level.
Silver has had a slightly positive week and looks set to test the 50-week EMA above. If we can pull that off, we think silver will target the $24.25 levels. On the other hand, if it reverses direction and breaks below the $22 levels, silver could drop significantly from there. All things being equal, I think we will continue to see more sideways movement and more upward movement at this point. In addition, we should also pay attention to the US dollar, as there is a very negative correlation between the two markets.
The gold market initially fell slightly during the trading week, dropping to $1,900 levels before reversing. All things being equal, the market finally formed a bit of a hammer and gold could head towards the $1950 levels if it breaks out of the 50-week EMA. The market could head towards the $2000 level, which is of course a big, round, psychologically significant number and an area where you can expect a lot of noise. At the moment, the market appears to be starting to show signs of support.
USD/JPY initially attempted a rally this week before breaking above the long-standing 142.50 level. It is currently below that level, but could continue to drop a little further as traders try to get an idea of whether the US Federal Reserve will change its stance. Far from it, a short-term rally will eventually become a buying opportunity, and any rally could lead to further rally.
USD/CAD initially tried to move higher this week, but turned down from the 38.2% Fibonacci level before breaking below the 1.33 level. All things being equal, the underlying 200-week EMA will provide support if the market continues to fall. If it breaks down, it can drop to the 1.30 level and possibly to the 1.28 level. On the other hand, a breakout of the 50-week EMA could set our eyes on the 1.36 level.
GBP/JPY initially attempted a rally this week before reversing and showing signs of selling pressure. The 184 yen level is an area where considerable resistance can be seen, so we hope to break out of it. The Y180 level is an area where buyers may return to this market. I overreacted a bit, but in the end, the Bank of Japan continues to maintain its accommodative monetary policy.
EUR/GBP fell slightly earlier this week, but seems to be finding support around the 0.85 level. If it breaks below that, the market could drop to the much-anticipated 0.83 level. On the other hand, if we change direction and remove the 0.87 level, the euro will start to move up in earnest, possibly reaching the 0.89 level.
