Weekly Pairs In Focus - December 1St (Charts)

(MENAFN- Daily Forex) BTC/USD

The bitcoin market has initially pulled back just a bit during the course of the trading week to fall toward the $90,000 level, which is a large, round, psychologically significant figure, but we have since bounced rather significantly to form a bit of a hammer. This tells me that the market is trying to do everything it can to break above the crucial $100,000 level. Simply put, if we can break that $100,000 level, then it's very likely that Bitcoin continues to go to the upside. Otherwise, I think we will see a lot of sideways action

Silver did drop during the course of the week, but it continues to show a lot of interest near the $30 level. Because of this, I think you've got a situation where silver will continue to be more or less a“buy on the dips” type of market, especially considering that we also had seen the trendline hold. At this point in time, as long as the market stays above that trend line, it's very difficult to think about going short of silver. Furthermore, silver will almost certainly follow gold, which suddenly looks perky again as well

Gold has fallen as well, but then turned around to show signs of life again. Ultimately, this is a market that looks very much like a sideways market just waiting to happen, and I think given enough time we probably have a scenario where traders will continue to look at this through the prism of whether or not they can find value, and at this juncture, any short-term pullback seems to be something that is likely to be bought into. If we can break higher from here, then you've got the likelihood of the market looking to reach the $2800 level above. Underneath current levels, the trendline in the $2500 level both offer significant support.

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The US dollar has rallied a bit during the course of the trading week, only to get back the gains as we continue to chop back and forth in the USD/MXN currency pair. This is a market that will continue to be very noisy, mainly due to the fact that there are a lot of moving pieces when it comes to tariffs, immigration policy, and interaction between the Americans and Mexicans with the incoming administration. I suspect this market continues to trade in a somewhat sideways manner/USD

The Ethereum market initially pulled back just a bit during the trading week, only to turn around and slam into the $3600 level. On Friday, we did break above that level just a little bit, so it's very likely that Ethereum will eventually go looking to reach the crucial $4000 level above, which is an area that has been like a brick wall multiple times. Short-term pullbacks will more likely than not continue to attract attention, as Bitcoin rallying seems to be dragging Ethereum right along with it/USD

The Australian dollar initially plunged below the crucial 0.65 level during the week against the US dollar but has since turned around to show signs of life. The Stochastic Oscillator is crossing over in the oversold condition, so it's very possible that we get a bit of a bounce from here. I am not looking for some type of huge move to the upside, but a bit of a recovery seems to be in order here. On the other hand, if we do break down below the lows of the week, we probably go looking toward the 0.64 level/USD

The Euro has rallied significantly during the course of the week to touch the 1.06 level, but now the question is whether or not we can break above it? If we do, that opens up the possibility of a move to the 1.0750 level, an area that has been important multiple times. On the other hand, we may just simply go sideways for a while, which could also make a certain amount of sense. However, just like the Australian dollar, the Stochastic Oscillator has crossed over in the oversold condition at a major support level so that is something worth paying attention to Crude Oil (US Oil)

The West Texas Intermediate Crude Oil market has fallen a bit during the course of the trading week, but ultimately, we are sitting in a range that has held quite true for a couple of years. Zoomed in a bit, we have another range between the $72.50 level above, and the $65 level below over the last couple of months. At this point, WTI Crude Oil looks very likely to continue going sideways overall as there is no real catalyst to get things going.

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