This Week's Currency Market Price Action Forecast: July 21 to July 25, 2014

NEW YORK (TheStreet) -- EUR/USD: Looking for Euro/Dollar Sell Signal From Resistance

The EUR/USD currency pair moved lower last week, hitting key support near 1.3500 at week's end. The price broke below that support level briefly on Friday before finishing the week back above it.

We could see a retrace higher early this week, and if that happens we will watch for price action sell signals from resistance up near 1.3575 - 1.3590 to rejoin the recent bearish momentum.

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Current view: We are waiting for a sell signal from resistance near 1.3580 following a retrace higher.

EURUSD-JULY-21-2014

GBP/USD: Sterling/Dollar Rotates Lower; Long-Term Upward Trend Is Intact

The GBP/USD currency pair lost ground last week for the second straight week. Prices are retracing lower within the broader uptrend. We are keeping an eye on key support and an event area down near 1.6920. If the price moves down into this level, we will watch closely for a price-action buy signal or blind entry to rejoin the longer-term uptrend.

Current view: The long-term uptrend is still intact. Prices are rotating lower, and we are watching for a buy signal from support.

GBPUSD-JULY-21-2014


AUD/USD: Aussie/Dollar Pair Is Stuck in a Range

The AUD/USD pushed higher on Friday, bouncing up from support near 0.9320 - 0.9330. Prices are currently consolidating in a trading range between resistance near 0.9460 - 0.9500 and support down at 0.9320. If the price continues higher this week, 0.9460 resistance will be important as we could see sellers return up near that level, given previous weekly sell signals there.

Current view: We would look to be sellers on strength as long as the price remains below 0.9460.

AUDUSD-JULY-21-2014

NZD/USD: Kiwi/Dollar Pair Is Approaching Potential Buy Zone

The NZD/USD currency pair fell lower last week and is now trading just above a key support/buy area at the 50% retrace of the last major move higher. If the price does move down into this 50% level and near 0.8600, we would consider a buy entry there if we get a price-action entry trigger.

Current view: We are watching for a price-action buy signal on a move down to near 0.8600.

NZDUSD-JULY-21-2014

Oil: Crude Oil Makes a Strong Bounce From Key Support

Crude oil market pushed higher from key support down near 99.00 last week, gaining ground for the first time in five weeks. We are looking to be buyers just ahead of this key 99.00 level this week if the price weakens a bit.

Current view: Watch for a price-action buy signal just above key 99.00 support if the price rotates down to it this week.

OIL-JULY-21-2014

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Read more about Nial Fuller, or follow him on Google + , Twitter or Facebook.

At the time of publication, neither Fuller nor his firm had positions in any assets mentioned.

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

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