This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

gbpusdjune16

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.

eurusdjune16

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $131.78 -0.20%
FB $80.14 -0.50%
GOOG $539.78 -0.00%
TSLA $251.45 1.62%
YHOO $43.07 -0.71%

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs