NEW YORK (TheStreet) EURUSD -- Euro/dollar sells off
The EURUSD lost dramatic ground Thursday but stabilized into the week's close on Friday. However, the trend clearly remains bearish and so any push higher this week will be watched closely for potential sell signals to rejoin the downtrend from resistance. The next key support levels are seen down near 1.2740 and then 1.2045, if this bearish trend continues we could easily see these levels tested in the coming weeks.
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GBPUSD -- Sterling/dollar falls down into key support level
The GBPUSD sold-off last week and lost significant ground in the process. Price hit a key long-term support level at 1.6275 on Friday, showing some rejection of that level into the week's close. The overall daily chart trend is still down at this point, but we could see some retrace to the upside before the downtrend resumes. This week, traders can watch for price action sell signals from resistance to rejoin the downtrend.
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AUDUSD -- Aussie/dollar pushes higher
The AUDUSD moved higher last week, pushing up above the key resistance near 0.9374. If this recent bullish momentum continues this week, we could see price challenge the next key resistance level coming in around 0.9450 before turning lower again.
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USDJPY -- Dollar/yen bullish trend intact
The USDJPY has been in a strong bullish (uptrend) trend lately. On Friday, price lost slight ground and showed some reversal / rejection of higher prices, indicating we could see a rotation lower early this week. If price rotates back to support down between 104.25 and 103.55 this week, we will watch for a price action buy signal from there to rejoin the uptrend.
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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.