Weekly Currency Market Price Action Forecast for Sept. 8-12

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.

eurusd-september-8-2014

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.

gbpusd-september-8-2014


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.

audusd-september-8-2014

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.

usdjpy-september-8-2014

Copyright 2014 -- LearnToTradeTheMarket.com

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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