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Price & Time: Watching Precious Metals Closely Here

Price & Time: Watching Precious Metals Closely Here

2014-03-17 12:05:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD fails at important long-term retracement - what next?
  • Silver high in the making?
  • USD/CAD approaching important turn window later this week – upside resumption or rolling over?

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

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_MAR_17_body_Picture_3.png, Price & Time: Watching Precious Metals Closely Here

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has come under modest pressure following last week’s failure near the 50% retracement of the 2008/2010 decline near 1.3970
  • Our near-term trend bias remains positive in the Euro while above the 2nd square root relationship of year’s high at 1.3730
  • The 1.3970 level is an important pivot that must be overcome soon if the exchange rate is to embark on a more important push higher
  • A medium-term cycle turn window is seen around the second half of the week
  • A close under 1.3730 would turn us negative on the Euro

EUR/USD Strategy: Like the long side while over 1.3730.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3730

1.3850

1.3885

1.3940

*1.3970

Price & Time Analysis: USD/CAD

PT_MAR_17_body_Picture_2.png, Price & Time: Watching Precious Metals Closely Here

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD remains in consolidation move below the 1st square root relationship of the year’s high at 1.1115
  • Our near-term trend bias is higher in Funds while above 1.0980
  • A close back over 1.1115 is needed to re-instill upside momentum in the rate
  • A cycle turn window is seen later this week
  • A daily close below 1.0980 would turn us negative on USD/CAD

USD/CAD Strategy: We like the long side while over 1.0980.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

*1.0980

1.1010

1.1050

*1.1115

1.1160

Focus Chart of the Day: SILVER

PT_MAR_17_body_Picture_1.png, Price & Time: Watching Precious Metals Closely Here

We wrote last week about a potentially important week long turn window in Gold. It has another couple of days left to run its course and the recent price action suggests that a top of some sort is still possible. Also vulnerable over the next couple of days is Silver as several minor timing relationships are converging here as well. The metal has rallied fairly aggressively over the past month and half and a secondary high forming over the next day or two would not surprise. Key resistance looks to be at 21.80 and 22.05. A move under the recent 20.59 low during this time would set up a potential low, but this looks like the less likely scenario at the moment.

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--- 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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