NEW YORK ( TheStreet) -- Here are forecasts for this week on prices of some major currencies as well as gold based on technical patterns.
The EURUSD consolidated last week, basically going nowhere as it traded just above the near-term support at 1.3575 all week.
This market is in a rangebound/consolidation phase overall, and that means you can look for buy signals from key support and sell signals from key resistance.
If prices cannot muster a rally this week to key resistance near 1.3670, we could eventually see them rotate back down toward key support near the 1.3500 area.
Prices are choppy now and consolidating, and so you should wait for a clear signal from resistance near 1.3670 or support near 1.3500.
The GBPUSD uptrend is intact, but last week's price stalled/consolidated, losing slight ground in the process.
If the price rotates back down to support near 1.6990 or further below to support near 1.6920, watch for price action buy signals to rejoin the uptrend.
The long-term trend remains up, and so you should wait for a buy signal confirmation from support to rejoin the uptrend.
The AUDUSD lost ground late last week after false breaking above resistance up near 0.9440 on Thursday.
This market is basically trading in a range now, and if prices continue to weaken this week, we could see them fall further down toward the bottom of the range.
Prices could test 0.9320 this week, and if that level doesn't hold, a larger fall down toward 0.9200 is possible, but traders should keep an eye on the price action near 0.9320 support as prices could bounce there or stall, before falling lower again.
You should be short around 0.9390-0.9410 area, looking for a move down to early 0.9300s or potentially lower.
The USDCAD hit a key support level late last week, down near 1.0620, forming a bullish fakey on the daily chart in the process.
If prices can remain buoyant this week, above 1.0620, we could see more upward movement in the coming days.
Traders can look for an entry point while prices are above 1.0620 this week with the understanding that a move back below 1.0620 could cause the downtrend to resume. The image below shows a daily USDCAD chart showing the fakey signal from Friday and a weekly chart showing the key level.
Prices hit key support/event area down near 1.0620, and could move higher from bullish fakey on Friday.
Gold gained more ground last week following multiple bullish rejections of the key level near $1,310 recently.
The trend is clearly bullish in this market, and if prices rotate back down to value near the 8/21 day EMA support layer this week, or to support near $1,310, look for buying opportunities to rejoin the uptrend.
The bullish trend is intact, and so watch for buy signals on retrace to support
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