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Price & Time: Major Breakout in USD/CAD?

Price & Time: Major Breakout in USD/CAD?

Kristian Kerr, Sr. Currency Strategist

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

Foreign Exchange Price & Time at a Glance:

USD/JPY:

PT_CAD_body_Picture_4.png, Price & Time: Major Breakout in USD/CAD?

Charts Created using Marketscope – Prepared by Kristian Kerr

-USD/JPY has moved steadily higher since finding support at the 93.85 88.6% retracement of the April to May advance during a cyclical turn window the week before last

-Our bias is higher in the exchange rate, but a confluence of Gann levels in the 98.75 area needs to be surpassed to maintain the immediate upside tack

-Near-term focused time cycle analysis suggests weakness could be seen over the next day or two

-The 3rd square root progression of the month-to-date low at 96.75 is immediate support

-However, only weakness below 95.80 turns us negative on the exchange rate

Strategy: Like holding long positions in USD/JPY while over 95.80

GBP/USD:

PT_CAD_body_Picture_3.png, Price & Time: Major Breakout in USD/CAD?

Charts Created using Marketscope – Prepared by Kristian Kerr

-GBP/USD has come under aggressive downside pressure since failing last week during a key cyclical turn window at the 1x1 Gann angle line of the year-to-date high in the 1.5750 area

-Our bias remains lower in Cable, but an analysis of the short-term cycles indicates that a minor low could be seen over the next day or so

-Support is seen at 1.5310/25 ahead of the key 61.8% retracement of the May to June advance near 1.5290

-A close below the latter is needed to set up further material weakness

-The 1x1 Gann angle line from the year-to-date low at 1.5585 is now key resistance and only strength above this level turns us positive on Cable

Strategy: Like short positions in Cable whilst below 1.5585.

XAU/USD:

PT_CAD_body_Picture_2.png, Price & Time: Major Breakout in USD/CAD?

Charts Created using Marketscope – Prepared by Kristian Kerr

-XAU/USD came under aggressive downside pressure last week and traded to its lowest levels since September of 2010

-Our trend bias is lower in the metal, but extreme caution is requred through Tuesday as a long-term cyclical convergence suggests the metal is prone to an important reversal during this time

-Further bolstering this potential is a confluence of long-term retracements including the 38% retracement of the 1999 to 2011 bull market advance and the 50% retracement of the 2008 to 2011 move higher in the 1280 to 1300 area

-Strength above 1301 on a closing basis is needed to signal the start of a reversal in trend

-Continued weakness beyond Tuesday undermines the potential for cycle low and sets up a further decline towards 1255 and below

Strategy: Like being flat here with the cycles at a major turning point. Back over 1301 will get us looking long.

Focus Chart of the Day: USD/CAD

PT_CAD_body_Picture_1.png, Price & Time: Major Breakout in USD/CAD?

USD/CAD seems to be near a critical price point as the 1.0540 area marks a convergence of the 88.6% retracement of the October 2011 to September 2012 decline and the 100% projection of January to March move higher as measured from the May low. A close above this resistance will further legitimize the current advance and further pave the way for a push to new multi-year highs above 1.0655. Failure to gain traction over 1.0540 over the next few days will likely usher in a period of sideways consolidation.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Looking for a way to pinpoint sentiment extremes in the CAD in real time? Try the Speculative Sentiment Index.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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