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Weekly Price & Time: Important Top in the Euro?

Weekly Price & Time: Important Top in the Euro?

2014-05-09 15:50:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD reverses sharply from key cyclical turn window
  • USD/JPY threatening important technical break
  • GOLD advance stalls at Gann resistance

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Important Top in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded briefly to a new multi-year high this week before reversing sharply
  • Our broader bias is negative on the Euro while below 1.3970
  • Weakness under the 2nd square root relationship of the year’s high at 1.3755 is needed to confirm a more important top is in place
  • The next important cycle turn window is seen towards the end of the month
  • Only traction over 1.3970 turns our broader outlook positive

Weekly EUR/USD Strategy: Like the short side while under 1.3970

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3710

*1.3755

1.3775

1.3875

*1.3970

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Important Top in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY is trading at the low end of its multi-month trend
  • Our broader bias is negative in the rate while below 104.40
  • A close under 101.35 will signal a resumption of the broader decline
  • An important cycle turn window is seen later this month
  • Only strength over 104.40 will turn us positve 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

100.75

*101.35

101.70

103.10

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Important Top in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD initial strength this past week stalled at a key Gann convergence between 1315/1321
  • Following the daily close over 1306, our trend bias is positive
  • A move through 1321 is needed to spark an upside resumption
  • A minor turn window is seen around the middle of next week
  • A daily close below 1270 will turn us negative on the metal

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

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1260

*1270

1291

*1321

1331

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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