Weekly Pairs In Focus - February 09, 2025 (Charts)

(MENAFN- Daily Forex) Gold

Gold markets have been rather strong during the trading week, as the market continues to see the uptrend be confirmed. At this point, I look at the $2800 level as a potential floor in the market, as a pullback to that area should see a certain amount of“market memory”, due to the fact that it was previous resistance. Unlike gold, and I think that ultimately, we will end up going toward the $3000 level above. That being said, you need to be cautious as there are a lot of moving pieces out there right now that could influence gold/USD

The euro initially gapped lower at the open for the week, but we have spent the rest of the week recovering. In fact, we not only filled the gap, but we broke above there to challenge much higher levels. However, by the end of the week, we are starting to see selling pressure yet again, continuing the overall pro US dollar stands of the market. Quite frankly, the European Union has a ton of issues ahead of it, and the Non-Farm Payroll announcement in the United States suggests that the Federal Reserve is going to have to stay tight for longer than most people thought. Because of this, I remain bearish/USD

The British pound initially gapped lower like the euro did but then turned around to show signs of strength. However, the Bank of England has had interest rate decisions this week, and there were a couple of members that wanted to cut more than they actually settled on. In other words, the British pound could continue to see a lot of headwinds. Merry that with the idea that the Federal Reserve might be on hold for the rest of the year, and you have a lot of downward pressure.

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The Australian dollar has been bullish for the week, Ian a bit of contrast with several other major currencies. However, I still see the 0.6350 level as a major resistance barrier, and as long as we are below that level, I prefer to short the Australian dollar on short-term rallies. If we were to break above there, then I would have to reassess the entire situation/USD

Bitcoin has been all over the place during the week, essentially settling on a relatively neutral candlestick. At this point in time, I think we continue to see sideways action more than anything else and I have been adding little bits and pieces along the way, every time we drop a bit. The $90,000 level is an area that I think a lot of people will be paying attention to for massive support just waiting to happen. On the other hand, the $110,000 level is a massive barrier, so if we were to somehow break above there, I think Bitcoin could really start to take off. At this point, I suspect more neutrality year

The German index DAX initially fell during the trading week but then turned around to show signs of strength yet again. It looks like the €21,000 level continues to be a major floor in the market, and therefore we need to pay close attention to it. Alternatively, the €22,000 level seems to be a major barrier, so if we can break above there, I think you will see a bit of a rally in the text. As things stand right now, I like the idea of buying short-term pullbacks in order to find value 100

The NASDAQ 100 has formed a very neutral candlestick as the market has been all over the place during the past week. It's probably worth noting that the NASDAQ 100 looks a lot like Bitcoin at the moment. All things being equal, I do believe that the NASDAQ 100 eventually break out to the upside, but I think you also need to look at short-term dips as potential short-term buying opportunities. I believe that there is plenty of support at the 21,000 level, right along with the 20,000 level where the 50 Week EMA approaches. If we can break above the 22,000 level, then we can start the next leg higher/CAD

The US dollar initially gapped higher against the Canadian dollar as tariffs were announced over the weekend, but as the United States and Canada seemingly are getting fairly close to a longer-term agreement, we have seen the Loonie pick up a little bit of strength. Nonetheless, there is still a major difference between these 2 economies, and more importantly, where the central banks are heading. This is a pretty ugly candlestick, but I think there is plenty of support between here and the 1.42 level that I would be a buyer of if we can get some type of bounce.

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