The FTSE 100 rallied again during the week, forming the eighth green candle in a row. This is a very bullish market, and at this point although we have gotten a bit overextended, I’m not willing to sell any pullback as I think there is more than enough buying pressure underneath the push this market to the upside.
Gold markets broke down significantly during the week, slicing through the $1300 level, testing the uptrend line that has been so important recently. The fact that we are closing towards the bottom of the candle is of course very negative. If we break down below the uptrend line, then I think the market goes looking towards the $1275 level initially, and then perhaps down to the $1250 level. Because of this, the next couple of candles will be interesting.
The US dollar has broken to the upside during the week, slicing through the ¥110 level, an area that is of course psychologically significant level, and of course structural. Beyond that, we also broke above a pair of shooting stars on the weekly chart, a very bullish sign. At this point, it looks as if we are breaking out.
The US dollar has rallied significantly during the week, using the 1.2750 level as support. The 1.30 level above is resistance, and the previous weekly shooting star shows signs of resistance.
The New Zealand dollar fell during the week, breaking below the 0.69 level. The market looks likely to continue to struggle a bit, but we are approaching a major support level, which of course could cost a lot of noise.
The British pound broke down significantly during the week, testing the hammer from the previous week, a very negative sign when it comes to this pair. At this point, I think that it’s likely we will break down, and continue to go much lower.
The British pound rallied significantly during the week, reaching towards the ¥150 level, an area that is an obvious psychologically important level, as well as structurally. The uptrend line underneath has offered support, and I think it’s likely that the uptrend line will continue to be important.
The Euro fell significantly during the week, slicing through the back of a hammer from the previous week, showing signs of trouble. The market is likely to continue to go lower, perhaps wiping out the entirety of the move that we had seen previously this year.
The Euro fell against the British pound during the week, reaching towards the bottom of the hammer from the previous week, which of course is a very negative sign. Because of this, I think that we may see continued bearish pressure. However, it’s going to be choppy at best.
The Australian dollar has fallen a bit during the week, reaching below the 0.75 level yet again. However, for the third week in a row we have seen buyers under that level so it’s very interesting to see where we go next. I think we are starting to make a significant case for a bounce, but there’s also the previous uptrend line that will come into play.
Gold markets were relatively flat during the trading session on Friday, as we continue to see resistance above at the $1300 level, and that this point it doesn’t look like we are going to be able to break above there in the short term.
The US dollar has rallied towards the psychologically important ¥111 level, but then rolled over to show signs of weakness. Ultimately, this pullback shows signs of exhaustion more than anything else, and I think that at the end of the day we will continue to go higher as the ¥111 level is but a minor one.
The US dollar has rallied significantly against the Canadian dollar, reaching towards the 1.29 level. This is an area that has been a bit resistive in the past, so it’s no surprise that we struggled to break above it. However, there is also a massive amount of support underneath.
The New Zealand dollar has bounced a bit during the session on Friday and has made a “higher low” on the one-hour chart. Ultimately, this is a market that is testing significant support just underneath, so I think that although it’s very negative looking on longer-term charts, we may be trying to find some type of floor.
The British pound fell during the trading session on Friday, testing a vital uptrend line that should continue to affect how this market trades. I believe that we are looking at a potential serious break down though.
The British pound fell from the ¥150 level during the session on Friday as we continue to see a lot of noise in the market. However, there seems to be a lot of support at the ¥149 level as well, so it looks as if we are simply trying to build up enough momentum to finally break out.
The Euro fell significantly during the session on Friday again, making a fresh, new low. This is a sign that the downward pressure is going to continue, and that participants should continue to be very suspicious of a rally is as every time we trying to pick up a bit of strength, sellers jump right back in.
The Euro continues to go back and forth during the trading session on Friday, showing signs of support near the 0.87 level. The market continues to see a lot of noise, mainly because of the overall concerns when it comes to the negotiations between the European Union and the United Kingdom. Beyond that, there is a lot of noise in general.
The Australian dollar has gone back and forth during the trading session on Friday, as we continue to hover around a large, psychologically significant number. I believe that will continue to be the case, at least in the next day or so.
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending May 15 on Friday.
Investing.com – Gold prices rose on Friday as a weaker dollar and falling U.S. Treasury yields bolstered demand for the precious metal but gains were limited as traders remained wary of a rebound in yields.