News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.13% Gold: -0.34% Silver: -1.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1fgVHj1F6Z
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇳🇿NZD: 0.01% 🇨🇦CAD: -0.03% 🇨🇭CHF: -0.17% 🇬🇧GBP: -0.19% 🇪🇺EUR: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2CA80kFhl2
  • Coming up at half past the hour. Do join me if you can, using the link below https://t.co/RAiCJNLuSC
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.18% FTSE 100: 0.49% France 40: 0.40% US 500: 0.22% Wall Street: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Jb7LZOruhP
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/3Wp3IOFbCl
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/xPg6iYu5XF
  • USD/JPY IG Client Sentiment: Our data shows traders are now at their most net-long USD/JPY since Mar 08 when USD/JPY traded near 103.93. A contrarian view of crowd sentiment points to USD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/svVkPPHfph
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/ZcSPE0xkvX
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/zKfTmM2Lvn
  • Germany's IFO forecasts - Upgrades 2020 GDP outlook to -5.2% from -6.7% - Downgrades 2021 GDP outlook to 5.1% from 6.4%
Price & Time: Important Test for Gold

Price & Time: Important Test for Gold

2014-02-10 13:00:00
Kristian Kerr, Sr. Currency Strategist
Share:

Talking Points

  • Important few days coming up for the Yen
  • GBP/USD rebounds off key Gann support level
  • GOLD testing important resistance zone

Unfamiliar with Gann Square Root Relationships? Learn more about them here.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

PT_FEB_9_body_Picture_3.png, Price & Time: Important Test for Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded to its lowest level since late November last week before rebounding off the 200% extension of the mid-January advance near 100.80
  • Our near-term trend bias is lower in the exchange rate while below the 3rd square root relationship of the year-to-date high at 102.40
  • Interim support is seen around 101.35, but a move back under 100.80 is really needed to kick off a more significant decline in the rate
  • A minor cycle turn window is seen today
  • Only a close over 102.40 would turn us positive on USD/JPY

USD/JPY Strategy: We like the short side while 102.40

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*100.80

101.35

102.10

*102.40

102.85

Price & Time Analysis: GBP/USD

PT_FEB_9_body_Picture_2.png, Price & Time: Important Test for Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level since mid-January last week before rebounding off the 12th square root relationshipof the 2013 low at 1.6255
  • Our near-term trend bias is lower in Cable while below 1.6505
  • The 1.6255 is now important support with weakness below needed to signal a resumption of the broader decline
  • A minor cycle turn window is seen around the middle of the week
  • Only a daily close back over the 2nd square root relationship of last week’s low at 1.6505 would turn us positive on the Pound

GBP/USD Strategy: Like the short side while below 1.6505.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.6255

1.6355

1.6390

1.6410

*1.6505

Focus Chart of the Day: GOLD

PT_FEB_9_body_Picture_1.png, Price & Time: Important Test for Gold

Gold re-tested the 38% retracement of the August to December decline at 1276 earlier today. The price zone between 1276 and 1292 is littered with several important Gann and Fibonacci resistance levels and needs to be watched closely. A move through the top end of this zone in the next few days would further confirm the cyclical importance of the reversal on December 31st and pave the way for a much more important advance in the medium-term. Failure, on the other hand, to gain any traction over 1292 followed by weakness below 1230 would send a clear signal that the move higher over the past month and a half has just been a correction within the primary downtrend. The next cycle turn window of importance in the metal looks to be around early next week.

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

DISCLOSURES