This Week's Forex Market Price Action Forecast
NEW YORK (TheStreet) -- Here is a forecast for price movements this week of some foreign currencies, as well as of gold and crude oil futures.
GBPUSD - Sterling/dollar bullish move continues
The GBPUSD pushed higher last week, as the price easily broke up and closed above the 1.6920 level which had been holding the bulls for some time. The bullish move from last week started from near the mid-1.6700s as we discussed in my commentary from last week.
I will continue to look for buy signals on pullbacks to support this week. Traders can watch both the 8 / 21 day EMA (exponential moving avearge) support layer and near-term horizontal support near 1.6845 for buy signals this week.EURUSD - Euro/dollar bearish trend remains intact
The EURUSD rejected both attempts to move higher last Thursday and Friday, and I can see the downtrend is still clearly intact. The previous support near 1.3587 failed last week and that level is now considered near-term resistance. The market could fall further this week. Traders should watch for price action selling opportunities on any retraces higher.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts