NEW YORK (TheStreet) -- Here's a look at this week's currency action for the euro, British pound and Australian dollar.
EURUSD -- Euro/dollar still confined within trading range
We remain bearish biased on the EURUSD while it's contained under 1.1435 key resistance. We see this market as being in a trading range, oscillating between resistance near 1.1435 and support down near 1.0800. Considering these points, for those of you not already short from our recent discussions on this pair, you can look to sell this week on a price action sell signal while under that 1.1435 level, ideally on a small-to-modest retrace higher.
GBPUSD -- Sterling/dollar gets smashed
The GBPUSD got hammered lower last week as bearish momentum took hold following the bearish tailed reversal bar from 1.5650 resistance that we discussed last week. We will look to be sellers of this pair this week on strength this week, preferably on a one hour, four hour or daily chart price action pattern.
AUDUSD -- Aussie/dollar pin bar trade update
The pin bar sell signals that we discussed in our commentaries last week on the AUDUSD have come off to the downside as anticipated. Price has fallen into support near 0.6950 and formed a bullish reversal / pin bar last Thursday. This could cause at least a temporary retrace higher before the downtrend resumes again. We have exited our previous short trade and are waiting to see what develops this week before making our next move.