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Weekly Price & Time: Looking For Reversal in Trend Next Week

Weekly Price & Time: Looking For Reversal in Trend Next Week

2014-06-27 15:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD on cusp of uptrend?
  • USD/JPY tests major support level
  • 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: Looking For Reversal in Trend Next Week

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 1.3675
  • A daily close under 1.3520 is needed to confirm a resumption of the broader decline
  • A turn window of importance in the euro is seen over the next few days
  • A move through 1.3675 is needed to shift the broader trend bias to positive

Weekly EUR/USD Strategy: Like the short side while under 1.3675, but will look to stop & reverse if 1.3675 is breached.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3465

*1.3520

1.3625

*1.3675

1.3755

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Looking For Reversal in Trend Next Week

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under renewed downside pressure this week to once again test the 4th square root relationship of the year's high near 101.35
  • Our broader bias is negative in the rate while below 102.80
  • A close under 101.35 should signal a resumption of the broader decline
  • Some caution is needed here as a turn window is eyed over the next few days
  • 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. Will look to stop & reverse if that level is overcme.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

100.75

*101.35

101.40

*102.80

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Looking For Reversal in Trend Next Week

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD is in consolidation mode below a key Gann confluence in the 1321 area
  • Our broader trend bias is higher in the metal
  • A daily close over 1321 is needed to set off the next leg higher in the metal
  • A turn window is eyed over the next few days
  • A daily close under 1286 would turn us negative on Gold again

Weekly XAU/USD Strategy: Square around this turn window.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1286

1300

1317

*1321

1338

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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