This Week's Currency Market Price Action Forecast
EUR/USD - Euro/dollar continues gaining back lost ground
The EUR/USD has recently been making a bit of a comeback after losing significant ground from early May to early June. The market has been slowly grinding higher after bottoming out just above 1.3500 in mid-June. There's a key level of resistance coming in close overhead, near 1.3670.
The price action at this level will be important this week; if we get an obvious price action sell signal from there, it could be a good selling opportunity, but if price continues it's recent buoyancy and closes above that resistance on the daily chart, it would be a bullish sign and could open the door for a larger upside run in the coming days and weeks.
GBP/USD - Sterling/dollar bullish trend continues
The AUD USD has been grinding higher recently and is now trading just below a key resistance level near 0.9460 area. If this recent bullish momentum continues this week, we could see the price break above that resistance and continue the recent push higher. If the market stalls at that resistance and rotates lower, we will look to buy from support as we feel the there's good potential for this recent up move to continue in the days and weeks ahead. USD JPY - Dollar/yen weakens, approaching trading range support
The USD JPY has been in a large trading range most of this year and has most recently been weakening, moving down closer toward the trading range support. This support is coming in down around 100.75 and what happens there if price tests that level will be very important. If we get an obvious price action buy signal on the daily chart time frame near 100.75, it could be a good buying opportunity. However, a close below 100.75 would essentially invalidate the trading range and possibly open the door for larger downside movement. DJ30 - Dow Jones futures market inside/pin bar combo setup
The Dow Jones futures market has been testing key support near 16,690 recently. We can see that a pin bar formed at this level on Thursday, followed by an inside pin bar on Friday. These price action signals indicate that price could push higher, up from this support in the coming days, in-line with the overall uptrend in this market. Copyright 2014 - LearnToTradeTheMarket.com Read more about Nial Fuller, or follow him on Google + , Twitter or Facebook. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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