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Weekly Price & Time: Big Test Coming Up for the Euro

Weekly Price & Time: Big Test Coming Up for the Euro

2014-07-04 13:45:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD about to head higher again?
  • USD/JPY reverses again off key Gann level
  • Gold overcomes important resistance area

Get real time volume on your charts for free. Click HERE

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Big Test Coming Up for the Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched its highest level in over a month this week before finding resistance near the 38% retracement of the May to June decline at 1.3690
  • Our broader bias is now positive on the euro
  • A daily close over 1.3690 is needed to set up a new leg higher in the exchange rate
  • A turn window is eyed around the middle of the week
  • A move under 1.3490 is needed to turn our outlook negative

Weekly EUR/USD Strategy: Like the long side while over 1.3490.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3430

*1.3490

1.3585

*1.3690

1.3750

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Big Test Coming Up for the Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY rebounded sharply again from 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 is needed to signal a resumption of the broader decline
  • The next turn winodow of importance is eyed around the middle of the month
  • Only strength over 102.80 will turn us positve on USD/JPY

Weekly USD/JPY Strategy: Like tactical short positions in USD/JPY while below 102.80, though concerned the low this week is the start of a bigger move higher.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

100.75

*101.35

102.05

*102.80

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Big Test Coming Up for the Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD broke through a key Gann confluence in the 1321 area to record it highest level in over three months
  • Our broader trend bias remains higher in the metal
  • The 61.8% retracement of the March to June decline at 1334 is resistance ahead of the next major upside attraction near 1348
  • A minor turn window is eyed around the middle of the week
  • Weakness 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

1305

1318

1334

*1348

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--- 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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