NEW YORK ( TheStreet) -- The EURUSD continues to lose ground as the bearish trend remains intact.
We can see in the weekly chart below that the next key support level is down near 1.3100. Thus, this week, traders can watch for price-action sell signals on any retraces back to resistance to trade in line with bearish momentum with a tentative target area down near 1.3100 support.
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GBPUSD -- Sterling/dollar downtrend continues, price approaching key support
The GBPUSD has been selling off aggressively during the last several weeks. We don't see any signs of this bearish momentum slowing down just yet, but there are some key longer-term support levels coming in down near 1.6460 and 1.6250.
We could see prices stabilize or bounce higher near these levels in the coming days. Thus, traders basically have two options this week in the GBPUSD: Wait for a retrace back to resistance and a sell signal to trade with the downtrend, or wait for prices to hit a key support level and form a daily chart price action buy signal.
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AUDUSD -- Waiting for Aussie/dollar sell signal from resistance
The AUDUSD gained back some last ground late last week, pushing modestly higher on Thursday and Friday.
Overall, however, we still see bearish pressure in control of this market, and so we will look to sell any rallies back to resistance this week. Traders can watch the key near-term resistance level up near 0.9370 this week for price-action sell signals.
Gold -- Gold bearish move continues
The spot gold market has lost significant ground following the pin bar sell signal from Aug. 8.
Downward (bearish) momentum is clearly in control of this market and so this week, we will watch for another sell signal if the market rallies. We are looking to be sellers on strength, in other words, pending a price-action confirmation signal.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.