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Weekly Price & Time: Gold Breaks From Multi-Week Range

Weekly Price & Time: Gold Breaks From Multi-Week Range

2014-05-30 17:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD touches lowest level since early February
  • USD/JPY hovering near the 200-day moving average
  • GOLD break below major support zone

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Gold Breaks From Multi-Week 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 1.3755
  • The 1.3520/65 area looks to be the next important support zone in the exchange rate
  • A cycle turn window is seen next week
  • Traction over 1.3755 is needed to shift the broader trend bias to positive

Weekly EUR/USD Strategy: Like the short side while under 1.3755.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3520

1.3590

1.3640

*1.3755

1.3825

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Gold Breaks From Multi-Week Range

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY is in consolidation mode by the 200-day moving average
  • 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
  • The start of June is an 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

101.75

103.10

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Gold Breaks From Multi-Week Range

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD broke sharply lower from it multi-week contracting range to trade at its lowest level since early February
  • Our broader trend bias is now lower while below 1286
  • The 1210/20 area looks like a key downside attraction
  • A minor turn window is seen later next week ahead of a major one eyed around the middle of June
  • A daily close back over 1286 would turn us positive on the yellow metal

Weekly XAU/USD Strategy: Square.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1210/20

1240

1242

*1286

1300

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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