Pairs in Focus This Week –#EURUSD,#NASDAQ 100,#Bitcoin,#Cocoa Futures (19-25 Nov 2023)

EUR/USD

The euro took off to the upside during the course of the week to test the previous uptrend line as resistance. The 1.09 level above could be a major barrier that if we were to overcome, the market could go looking to the 1.10 level. After that, the market then could continue to take off to the outside. Underneath, the market has a lot of support near the 200-Week EMA, closer to the 1.0720 level.

NASDAQ 100

The NASDAQ 100 has had yet another bullish week, as it looks like we are trying to break out at this point. The 16,000 level above looms large, and if we can clear that it's likely that we go much higher. It's also worth noting that we have recently broken out of the major bullish flag, so think at this point in time there will be plenty of buyers every time it pulls back. I have no interest in shorting the NASDAQ 100, because quite frankly Wall Street is obviously throwing liquidity into the market.

Bitcoin

Bitcoin markets have been somewhat sideways during the course of the week as the $40,000 level above looms large as resistance. The market has got a little ahead of itself so would not surprise me at all to see a little bit of a pullback, but that more likely than not will continue to attract inflows, as a lot of people will have missed this move. You can even make a bit of an argument for an ascending channel, so I think at this point in time the market certainly looks as if it wants to go higher, especially as people are trying to front run the idea of the Federal Reserve loosening monetary policy, although it’s not necessarily something is going to be doing anytime soon.

Cocoa Futures

Cocoa futures have been in a strong bullish trend for over a year now and made another strong rise last week. The price chart below applies a linear regression analysis to the past 60 weeks and shows graphically what a great opportunity this has been on the long side.

The weekly candlestick was again firmly bullish, closing right on its high at a multi-year high price.

It is always a bit aggressive to enter without a pullback, especially right now with the price action above the upper band of the linear regression channel, but this is a strong trend that shows no sign of stopping on ever-increasing global demand for the superfood cocoa.

Trading commodities long on breakouts to new 6-month highs has been a very profitable strategy over recent years.

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