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Price & Time: Several Major Exchange Rates At Pivotal Levels

Price & Time: Several Major Exchange Rates At Pivotal Levels

2014-07-17 12:20:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD testing key support zone near 1.3500
  • Gold remains under pressure
  • USD/CAD fails at key resistance zone

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: Several Major Exchange Rates At Pivotal Levels

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD closed at its lowest level in over five months on Wednesday
  • Our near-term trend bias is lower in the euro
  • Key support levels are seen at 1.3520, 1.3500 and 1.3460 with weakness below the latter required to signal the start of a more significant decline
  • A cycle turn window is eyed late next week
  • A move back over 1.3650 is required to relieve immediate downside pressures

EUR/USD Strategy: Like the short side while under 1.3650, but positions should probably be reduced into this support zone.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3460

1.3520

1.3525

1.3590

*1.3650

Price & Time Analysis: GOLD

Price & Time: Several Major Exchange Rates At Pivotal Levels

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GOLD has come under steady downside pressure since failing last week just shy of a key Gann confluence zone in the 1347 area
  • Our near-term trend bias is now higher in the metal while over 1280
  • Interim resistance is eyed near 1321 and a move through this level is needed to re-instill upside momentum
  • A minor cycle turn window is eyed tomorrow
  • A daily close under 1280 will turn us negative on the metal

GOLD Strategy: Like holding long positions against 1280.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GOLD

1262

*1280

1301

*1321

1347

Focus Chart of the Day: USD/CAD

Price & Time: Several Major Exchange Rates At Pivotal Levels

USD/CAD touched its highest level in almost a month yesterday before encountering a slew of resistance (50% retracement of June/July decline, trendline connecting March/June highs) just ahead of 1.0800. The price action over the next few days should prove important and clue us in to whether the recovery has more life in it or not. Some backfilling over the next few sessions would not surprise, but 1.0660/80 needs to hold to keep the outlook positive. Resistance between 1.0790 and 1.0825 is critical from a medium-term perspective and any strength through this zone would be a very positive development.

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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.

--- 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.

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