NEW YORK (TheStreet) -- Here's a look at this week's currency action for the euro, Australian dollar and Japanese yen.
EURUSD: Euro/dollar moves higher but approaching key resistance
The EURUSD moved higher last week following a pin bar signal that we discussed in our commentary on September 9. However, this market is still range-bound with the upper boundary of the range coming in up near 1.1400-to-1.1450 resistance area. If we get a price action sell signal up near that resistance area, we will look to sell this week in anticipation of price rotating back down within the trading range again.
AUDUSD: Aussie/dollar strengthens, but downtrend remains intact
The AUDUSD strengthened last week as it found some support down at 0.6945 area. Overall, this market is still in a downtrend but we could see it retrace up to 0.7200 resistance before the downtrend resumes. Traders can watch resistance for price action sell signals this week to re-join the downtrend.
USDJPY: Dollar/yen stays buoyant
The USDJPY held above 118.60 support last week and we will continue to watch for price action buy signals this week on any weakness while price is above that level.