NEW YORK (TheStreet) -- The euro-to-U.S. dollar currency pair has pushed higher over the last couple weeks after finding support down near 1.2400. The overall trend is still down, but given the recent strength this market has shown, we could see it continue to retrace higher before the downtrend resumes.
The key resistance levels to watch are up near 1.2770 to 1.2885. If the price rallies back up there we will watch for price action sell signals to rejoin the longer-term downtrend.
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The British pound-to-U.S. dollar currency pair has been in a sustained downtrend over recent months. While the trend is still intact, we wouldn't be surprised to see the price retrace back to the upside soon. At that point we would look to sell from resistance or "value," to rejoin the downtrend.
Traders can watch resistance up near the 8- and 21-day exponential moving averages, as well as 1.5875 to 1.5950 resistance for price action selling opportunities if the price rotates higher this week.
The Australian dollar-to-U.S. dollar currency pair pushed higher last week and moved back up into its recent trading range between 0.8650 key support and 0.8900 key resistance. The price consolidated over the last three days of last week and it appears happy to stay within the confines of this range.
We could see a push back up to a 0.8900 key resistance level before the price rotates significantly lower again and the downtrend resumes.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.