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  • there's that 1.4000 level again $GBPUSD multiple resistance inflections on the way up. first support test at this spot since the breakout https://t.co/qpsq0NqMvN https://t.co/snZCBwNrby
  • $USD made it a quick trip up to fibo resistance looked at in yday's webinar ~90.82 https://t.co/gedHWHfyKN https://t.co/ICAUcMaHYT
  • This is a pair flying under the radar but registering an extreme. $CADJPY weekly has difference between spot and 50-week moving average at +9.5%. Momentum past three weeks not only aggressive, the move has pushed it to 50% of 2014-2020 and 38.2% Fib of historical range https://t.co/yQJ15UpOTG
  • 🇺🇸 Initial Jobless Claims (08/MAY) Actual: 473K Expected: 490K Previous: 566K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 Jobless Claims 4-week Average (MAY/08) Actual: 534K Previous: 655.75K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 Continuing Jobless Claims (01/MAY) Actual: 3655K Expected: 3655K Previous: 3651K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 PPI MoM (APR) Actual: 0.6% Expected: 0.3% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-05-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.48%, while traders in GBP/JPY are at opposite extremes with 68.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ebZHqitIAd
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.12% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/i6Lngot973
  • Heads Up:🇺🇸 Initial Jobless Claims (08/MAY) due at 12:30 GMT (15min) Expected: 490K Previous: 498K https://www.dailyfx.com/economic-calendar#2021-05-13
Price & Time: Gold - Now What?

Price & Time: Gold - Now What?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Gold takes out key support level
  • USD/JPY records new multi-year high
  • AUD/USD approaching important cyclical pivot

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

pt_dec_20_body_Picture_3.png, Price & Time: Gold - Now What?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded to its highest level since October 2008 early on Friday
  • Our near-term trend bias remains positive on the rate while over 101.85
  • The 100% extension of the September/October decline at 104.55 is important resistance
  • A cycle turn window is seen late next week
  • Only a daily close below 101.85 would turn us negative on USD/JPY

USD/JPY Strategy: Favor the long side while over 101.85.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.85

102.90

104.45

*104.55

105.10

Price & Time Analysis: AUD/USD

pt_dec_20_body_Picture_2.png, Price & Time: Gold - Now What?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD fell to its lowest level in over three years on Thursday
  • Our near-term trend bias is lower in the Aussie while below .8960
  • A Gann level related to the year’s high at .8800 is key support with a daily close below needed to prolong the decline
  • A medium-term cycle turn window is seen early next week
  • Traction over .8960 will turn us positive on the Aussie

AUD/USD Strategy: Favor the short side while under .8960.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

AUD/USD

0.8760

*0.8800

0.8860

0.8915

*0.8960

Focus Chart of the Day: GOLD

pt_dec_20_body_Picture_1.png, Price & Time: Gold - Now What?

Gold broke and closed below the key 1219 level on Thursday. This move eliminated the positive cyclicality from December 2nd. Given the rather tepid advance off that low we suspected the key pivot would get tested. Focus is now on the year’s low at 1180 ahead of major support near 1155. As for cycles, there is little in the way of turn windows until the end of the month when a Gann 90-day “death cycle” will open the door to a potential reversal. Only a move through the 2x1 Gann angle line of the August high at 1253 would signal the metal has bottomed earlier than expected.

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

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

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 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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