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Weekly Price & Time: Aggressive Turn in Gold

Weekly Price & Time: Aggressive Turn in Gold

2014-06-20 17:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD hold key Gann level
  • USD/JPY nearing important break
  • End of month important for Gold

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Aggressive Turn in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD remains in a sideways to higher range above the 4th square root relationship of the year’s low near 1.3520
  • Our broader bias is negative on the Euro while below 1.3755
  • A daily close under 1.3520 is needed to confirm a resumption of the broader decline
  • The end of the month is the next cycle turn window of importance for the exchange rate
  • A move through 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

1.3465

*1.3520

1.3590

1.3675

*1.3755

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Aggressive Turn in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY is in consolidation mode above the 101.55 61.8% retracement of the May/June range
  • Our broader bias is negative in the rate while below 102.80
  • A close under 101.55 should signal a resumption of the broader decline
  • The end of the month is the next turn window of significnance for the rate
  • Only strength over 102.80 will turn us positve on USD/JPY

Weekly USD/JPY Strategy: We like tactical short positions in USD/JPY while below 102.80.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

100.75

*101.55

102.15

*102.80

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Aggressive Turn in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD broke above key Gann resistance at 1286 this week
  • Our broader trend bias is now higher in the metal
  • A resistance cluster at 1321 needd to be overcome to prompt the next push higher
  • The end of the month looks to be the next turn window of importance
  • A daily close under 1286 would turn us negative on Gold again

Weekly XAU/USD Strategy: Like buying on weakness against 1286.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1286

1300

1321

*1321

1338

Unfamiliar with Gann Square Root Relationships? Learn more about themHERE.

--- 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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