Weekly Currency Market Price Action Forecast for Nov. 24 to Nov. 28

NEW YORK (TheStreet) -- The euro-dollar currency pair (EURUSD) fell Friday as it retreated from resistance near 1.2600. The price needs to break down through key support at 1.2355 this week for the pair to extend the downtrend.

The price is likely to move lower, so watch for selling opportunities on any retracements higher.

EURUSD-november-24-2014

The pound-dollar currency pair (GBPUSD) moved sideways last week as it consolidated within a relatively small range. The price has basically floundered near current levels for the past week, and if it breaks higher, investors should look to sell from key near-term resistance near 1.5975. Right now, however, investors are best served by waiting on the sidelines until there is a price-action sell signal from resistance.

GBPUSD-november-24-2014

The Australian dollar-dollar currency pair (AUDUSD) fell lower last week after making a high of 0.8795 early in the week. It tried to rally higher on Friday but pared a lot of gains into the close. Still, the price is just oscillating between support and resistance levels right now. The bias appears to be slightly bearish. Look for sell signals from resistance in coming days if this pair moves higher.

AUDUSD-november-24-2014

The dollar-yen currency pair (USDJPY) lost ground Friday, but the pair remains very much in an uptrend. Watch for a price-action buy signal from "value"/support within the 8/21 day exponential moving average layer this week if the price moves lower, to rejoin the uptrend from value (support).

USDJPY-november-24-2014

At the time of publication, the author held no positions in any of the stocks mentioned.

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

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