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Talking Points

  • EUR/USD cracks 200-day moving average
  • USD/JPY finds support ahead of YTD low
  • GOLD consolidates around 1300

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: USD/JPY Rebounds From Bottom of Multi-Month Range

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has come under steady downside pressure since peaking during an important cycle turn window at the start of the month near 1.4000
  • Our broader bias is negative on the Euro while below 1.3825
  • A close under the 3rd square root relationship of the year’s high at 1.3640 is needed to confirm that a new leg lower is underway
  • The next important cycle turn window is seen early next month in the euro
  • Only traction over 1.3825 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

*1.3520

1.3590

1.3630

1.3755

*1.3825

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: USD/JPY Rebounds From Bottom of Multi-Month Range

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY touched its lowest level since early February this week before rebounding aggressively
  • Our broader bias is negative in the rate while below 104.40
  • A weekly close under 101.35 will signal a resumption of the broader decline
  • The end of the month is the next important cycle turn window for the exchange rate
  • 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

101.85

103.10

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: USD/JPY Rebounds From Bottom of Multi-Month Range

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD remains locked in a contracting range above key Gann support near 1270
  • Our broader trend bias is positive while over 1270
  • A move through 1321 is needed to confirm an upside resumption
  • A minor turn window is seen later 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

1293

*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