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

AUDUSD - Aussie/dollar continues pushing higher

The AUDUSD strengthened last week as the bullish momentum continues. Traders can watch for price action buy signals this week on any rotations back to near-term support around 0.9350 or the 8 / 21 day EMA layer.

audusdjune16

Gold -- Gold moves higher, key resistance just overhead

The gold market remains in a downtrend overall as prices are approaching the key resistance region up near $1,277 to $1,285, and so the risk of prices rotating lower is increasing. In last week's forex commentary, I discussed a counter-trend buy move. Any traders still long from that should consider taking profits if they have not already done so.

I am now watching for a clean price action sell signal from the key resistance zone between $1,277 and $1,285 if price moves higher this week.

goldjune16

Crude Oil - Oil surges higher

Crude oil has pushed significantly higher in recent days. Note that price cleanly broke up through the previous resistance near 105 last week and we now see this level as support. If price rotates lower this week, we will watch support down near 104.75 to 105.20 area for price action buy signals to rejoin the uptrend.

crudejune16

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This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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