NEW YORK ( TheStreet) -- EURUSD -- Euro/dollar consolidates just above support, looking for sell signal
Last week, the EURUSD consolidated just above 1.3330 support and ended the week basically unchanged.
The trend is still down overall, but the market has showed some failure to follow through to the downside recently. Thus, if price retraces higher this week, we will watch for a price action selling opportunity from resistance near 1.3500.
Current view: Waiting for price action sell signal near 1.3500 or slightly below to rejoin downtrend.
GBPUSD -- Sterling/dollar hits support, looking for sell signal to rejoin downtrend
The GBPUSD lost significant ground last week, and its price ended the week down near 1.6650 key support level. We could see the price bounce higher this week, but given the weakness seen in this market recently, we prefer to look for selling opportunities.
Current view: Waiting for a price action sell signal from resistance, following a retrace higher
AUDUSD - Aussie/dollar hits key resistance
The AUDUSD made a run higher last week, reversing losses from the previous week. However, the recent trend on the daily chart time frame remains bearish overall. Thus, we are watching for selling opportunities in this market this week from near current levels or up to about 0.9375, to rejoin the recent downtrend.
Current view: Looking to sell from near current levels up to about 0.9375, pending price action sell signal entry trigger.
EURJPY -- Euro/yen retracing toward key resistance
The EURJPY has been in a downtrend for several months now. Recently, it has staged a modest counter-trend rally and is now approaching the key resistance level near 138.00. This week, if the price moves up into that resistance level and forms an obvious price action sell signal there, we will consider a short entry, to trade back in line with the downtrend.
Current view: Waiting for more obvious sell signal from key resistance near 138.00 to rejoin downtrend from value.
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