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Weekly Price & Time: Important Week Coming Up for the Greenback

Weekly Price & Time: Important Week Coming Up for the Greenback

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD flirting with important resistance zone
  • USD/JPY fails near key retracement level
  • GOLD at highest level in 3-years

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

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly_PT_FEB_14_body_Picture_3.png, Weekly Price & Time: Important Week Coming Up for the Greenback

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has moved steadily higher since rebounding off the 1x1 Gann angle line of the 2013 low near 1.3500 last week
  • Our trend bias is lower in the Euro, however, while below the 2013 closing high near 1.3800
  • The 1.3500 area remains a key downside pivot with weakness below needed to signal a resumption of the broader decline
  • A cycle turn window is seen early next week
  • Only a daily close back over 1.3800 would turn us positive on the Euro again

Weekly EUR/USD Strategy: Like the short side while under 1.3800.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3500

1.3595

1.3685

1.3710

*1.3800

Weekly Price & Time Analysis: USD/JPY

Weekly_PT_FEB_14_body_Picture_2.png, Weekly Price & Time: Important Week Coming Up for the Greenback

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY tested the 1x2 Gann angle line of the 2013 high at 102.65 before coming under renewed pressure
  • Our broader bias is now negative in the rate while below 104.40
  • The 100.80 level remains a key pivot that needs to be breached soon to undermine the positive cyclicality of last week’ low
  • The middle of next week is a medium-term cycle turn window
  • A weekly close back over 104.40 would turn us positive again on USD/JPY

Weekly USD/JPY Strategy: We like the short side in USD/JPY while below 104.40.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*100.80

101.35

101.85

102.7

*104.40

Weekly Price & Time Analysis: GOLD

Weekly_PT_FEB_14_body_Picture_1.png, Weekly Price & Time: Important Week Coming Up for the Greenback

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD traded to its highest level in three months this week
  • Our broader trend bias remains positive in the metal while above the 1x2 Gann angle line of the 2013 closing low near 1270
  • A confluence of Fibonacci and Gann levels between 1318/23 should provide strong resistance and a close above this zone is needed to trigger the next serious push higher in the metal
  • A cycle turn window is seen around the middle of next week
  • A daily close under 1270 would turn us negative on Gold

Weekly XAU/USD Strategy: Like being long while over 1270.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1270

1280

1316

*1323

1336

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

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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