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EUR/JPY

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The euro witnessed a slightly positive week against the Japanese yen, which is a bit perplexing due to the fact that risk appetite was eviscerated yet again. Part of this might have to do with the fact that the Bank of Japan cannot tighten monetary policy any further. 

I think the JPY160 level will continue to be an important area, and it may even offer support. If the pair could break down below that point, then the euro could drop further to the JPY155 mark. On the other hand, a break above the JPY165 level would be extraordinarily bullish.

USD/CAD

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The US dollar initially dropped at the start of the week, before it turned around and showed signs of life again. The currency pair appears to be stuck in a range, and I don't think it will be able to pick itself up from this point.

All things being equal, the market has been moving on the latest headlines, and I do think that it will continue to favor the US dollar overall. Canada is certainly not backing down, despite its little chance at "winning the trade war."

DAX

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The German index initially tried to rally during the week as it broke well above the EUR23,000 level. However, the index then fell rather significantly, as it broke through the EUR22,500 level.

Quite frankly, the chart shows a very ugly candlestick, and the index seems to be pressing toward the bottom of the overall range it has been stuck in. If the DAX can stay above the EUR22,000 level, then such an outcome could provide a good buying opportunity. However, there would also have to be some type of bounce. With all of the noise coming out of the tariff wars, I expect to see more volatility, not less.

USD/CHF

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The US dollar initially tried to rally against the Swiss franc, but it ended up giving back those gains as the market continued to experience a large amount of noise. The pair appears to be hanging around the 0.88 level, and I don't see it moving far from that spot at the moment.

With the absolute chaos that seems to be gripping the markets now, it makes quite a bit of sense to continually see both of these "safety" currencies chop back and forth against each other.

Crude Oil

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The crude oil market rallied significantly during the course of the week, although it continued to be a bit range-bound. I think the massive “floor in the market” will remain between the $65 level and the $67 level.

As long as the market stays above that area, crude oil will likely continue to see “buy on the dips” price action while traders search for some type of momentum. However, the longer-term charts demonstrate how a major bottom was tested in recent trading.

Gold

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Gold markets initially pulled back a bit during the trading week, only for massive support to be found at the $3000 level. The $3000 level is a large, round, psychologically significant figure, but after the recent bullish flag that was formed, the implied “measured move” seems to suggest that gold could go looking toward the $3300 level.

As long as there is chaos, gold will continue to be a major beneficiary. I have no interest whatsoever in shorting this market.

Bitcoin

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Bitcoin initially tried to rally during the course of the week, only for it to then turn around and show signs of negativity. The $90,000 level above is a major resistance barrier, and a break above that point would be a very bullish sign.

However, Bitcoin is essentially dead money at the moment, so traders will have to wait and see whether or not the $75,000 level holds as massive support. It’s also worth noting that the 50-week EMA has been sitting right around that area as well. Bitcoin still appears to be range-bound, and this past week's price action was rather ugly.

Nasdaq 100

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The Nasdaq 100 continued to perform terrifically, and as long as Donald Trump continues with his tariff threats, this will likely be the fate of most indices. That being said, price action does seem to be getting a little overdone at this point. Regardless, this is not a market you need to be messing around in. It may be wise to let the big institutions come in and pick the market up before trying to follow them.

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