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Weekly Price & Time: Next Week is Key For Gold From A Timing Perspective

Weekly Price & Time: Next Week is Key For Gold From A Timing Perspective

2014-04-04 16:00:00
Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD breaks key Gann level
  • USD/JPY nearing big break?
  • GOLD has an important turn window next week

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

weekly_PT_apr_4_body_Picture_3.png, Weekly Price & Time: Next Week is Key For Gold From A Timing Perspective

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has come under further pressure this past week to trade at its lowest level in a month
  • A weekly close below the 2nd square root relationship of the year’s high at 1.3730 will turn us negative
  • Last week’s high at 1.3875 is important resistance with a move above needed to confirm an upside resumption
  • A cycle turn window is seen in the Euro mid-week

Weekly EUR/USD Strategy: May look to sell a close under 1.3730.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3625

1.3655

1.3690

1.3730

*1.3875

Weekly Price & Time Analysis: USD/JPY

weekly_PT_apr_4_body_Picture_2.png, Weekly Price & Time: Next Week is Key For Gold From A Timing Perspective

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY closed over the 3rd square root relationship of the year’s low at 103.75 this week to trade at its highest level since late January
  • Our broader bias is negative in the rate while below 104.40
  • The 3rd square root relationship of the the year’s high around 102.35 is key support and needs to be breached to signal a downside resumption
  • The middle of the week is a minor cycle turn window
  • A weekly close back over 104.40 would turn us positive again on USD/JPY

Weekly USD/JPY Strategy: We like tactical short positions in USD/JPY while below 104.40 on a weekly close basis.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

101.75

*102.35

103.45

103.75

*104.40

Weekly Price & Time Analysis: GOLD

weekly_PT_apr_4_body_Picture_1.png, Weekly Price & Time: Next Week is Key For Gold From A Timing Perspective

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD broke below key support at 1285 to trade at its lowest level since early February this week
  • We are negative on the metal while below 1336
  • The 1285 area remains key support with a weekly close below needed to signal a resumption of the downtrend
  • An important turn window is seen between April 7-9
  • A daily close back over 1336 will turn us positive on the metal again

Weekly XAU/USD Strategy: Like holding reduced short positions while below 1336.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1260

*1285

1305

1318

*1336

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

--- 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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