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  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
Price & Time: Gold Cracks Big Support

Price & Time: Gold Cracks Big Support

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Low volatility suggests important break looming in the Yen
  • GBP/USD stalls below key Gann resistance
  • GOLD turn window eyed next week

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Gold Cracks Big Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has found resistance over the past couple of days near the 2nd square root realtionship of the year’s low in the 102.75 area
  • Our near-term trend bias is negative in the exchange rate while under 103.10
  • The 4th square root realtionship of the year’s high at 101.35 is major support that needs to be breached on the downside to set up a more important decline
  • Another minor cycle turn window is seen early next week
  • Only a move over 103.10 would turn us positive on the dollar

USD/JPY Strategy: Like the short side while below 103.10.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.35

102.05

102.45

102.75

*103.10

Price & Time Analysis: GBP/USD

Price & Time: Gold Cracks Big Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has stalled over the past week just below the 17th square root relationship of last year’s low in the 1.6850 area
  • Our near-term trend bias is higher while above 1.6710
  • The 1.6850 level needs to be overcome to confirm the start of a new leg higher in Cable
  • A very minor cycle turn window is eyed early next week
  • A daily close under 1.6710 would turn us negative on the Pound

GBP/USD Strategy: Like the long side while over 1.6810.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

1.6655

*1.6710

1.6790

1.6800

*1.6850

Focus Chart of the Day: GOLD

Price & Time: Gold Cracks Big Support

Gold broke under the 1277 1x1 Gann angle line of last year’s low earlier today. A daily close below this level will be especially negative for the metal in the short-term and open the door to further weakness into next week’s key cycle turn window. Key attractions on the downside into this timeframe look to be a Fibonacci confluence near 1260/63 and a convergence of several square root relationships and Gann angles in the 1244/47 area. We would urge caution against getting too negative on the metal as the middle of next should see at least an attempt to turn higher if not a full on reversal. Only unexpected aggressive strength over 1300 would signal XAU/USD has turned earlier than expected.

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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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