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NEW YORK ( TheStreet) -- The euro against the U.S. dollar lost more ground last week as the bearish trend we've been discussing over recent months continues. This week, our bearish bias continues and we will look to re-join the downtrend by watching for  price action selling opportunities on any rotation higher (strength).

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The British pound against the U.S. dollar has been consolidating and chopping sideways over about the last month, as we can see in the chart below. Overall, the trend is still down and we will watch for price action sell signals from resistance to re-join the downtrend if price rotates higher this week.

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The Australia dollar against the U.S. dollar downtrend continued last week and price fell significantly lower again. Any strength in this market this week will be viewed as a potential selling opportunity to re-join the downtrend from value (resistance). Note, the 8- and 21-day exponential moving averages have been containing price on all recent moves higher. This week, we will look to sell if price retraces back up to the 8- and 21-day EMA layer (red and blue lines on chart below, respectively).

In our recent commentaries we've discussed that the spot Gold market might be setting up for another move lower. Notice the pin bar sell signal from Dec. 16 and the bearish tailed bar from Dec. 18 in the chart below, the long bearish (upper) tails on these bars indicate sellers are lurking in the market. This week, we will look to sell if price retraces slightly higher, perhaps about halfway up the bar from Dec. 18.

Keep in mind, the average daily range of gold has been in excess of $20 on some days recently, thus any protective stop losses would need to be $25 or more wide and placed above the high of Tuesday's pin bar.

This article is commentary by an independent contributor.