News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Price & Time: Dollar Dead Cat or Real Reversal?

Price & Time: Dollar Dead Cat or Real Reversal?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD turns at key retracement level
  • GOLD overcomes important Gann level
  • DJ FXCM US DOLLAR INDEX at a crossroads

New to Currency Trading? Learn More HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: Dollar Dead Cat or Real Reversal?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has come under modest pressure since failing at the 38% retracement of the May/June decline earlier in the week
  • Our near-term trend bias is higher in the euro while over 1.3590
  • A daily close over 1.3690 is eyed to signal that a new leg higher in unfolding
  • An important cycle turn window is seen through Monday in the euro
  • A move below 1.3590 will turn us negative on the exchange rate

EUR/USD Strategy: Square, not sure if the euro tries for one more high.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3590

1.3640

1.3650

*1.3690

1.3750

Price & Time Analysis: GOLD

Price & Time: Dollar Dead Cat or Real Reversal?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD tested the 61.8% retracement of the March/June decline near 1334 earlier this week
  • Our near-term trend bias is higher in the metal while over 1286
  • A push through 1334 is now needed to signal a resumption of the trend
  • A minor cycle turn window is seen early next week
  • A daily close below 1286 would turn us negative on Gold

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

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1286

1305

1322

*1334

1347

Focus Chart of the Day: DJ FXCM US DOLLAR INDEX

Price & Time: Dollar Dead Cat or Real Reversal?

The DJ FXCM US Dollar Index has begun to show signs of life over the past couple of days following a test and slight undercut of the early May low around 10,370. The near-term cyclical picture looks generally positive on the Greenback for the next week or two (though we clearly cannot rule out some aggressive two-way action around the data later). The 10,420 level looks like an important near-term pivot with strength over this level needed to confirm a minor low and set up a further push towards a key Gann attraction by 10,465. 10,370 should obviously hold if our near-term positive view is correct, but only weakness below last year’s 10,354 second half low would signal a broader breakdown in the buck.

To receive Kristian’s analysis directly via email, please SIGN UP HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

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.

DISCLOSURES