NEW YORK (TheStreet) -- The euro-dollar currency pair (EURUSD) continued losing ground last Friday following the stronger-than-expected U.S. payrolls data. The call has been bearish/short-biased for this currency pair for months now, and a strategy of selling recent rallies would have paid off nicely as short-sellers have dominated this pair.
More downward price movement in the EURUSD is expected in coming days, and the strategy of selling on strength should continue to work well.
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Last Friday, the pound-dollar currency pair (GBPUSD) broke down and out from the tight consolidation range it was in the previous three weeks. The downtrend is still intact in this market, so investors should continue to watch for sell signals from resistance on any strength in this market this week.
The Australian dollar-dollar currency pair (AUDUSD) has lost significant ground over the last six trading days following the bearish pin bar sell signal discussed on Nov. 27. There isn't much key support until down near 0.8050 - 0.8000 area, so the bias will remain bearish. Look for selling opportunities on any moves higher this week.
The dollar-yen uptrend continues. The chart below shows that last week's move higher was kicked off by a pin bar fakey combo signal on Monday, and the market never really looked back. Watch for similar intraday or daily chart buy signals this week as this market continues to gain ground.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.