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Price & Time: Greenback Still Shines

Price & Time: Greenback Still Shines

2014-10-01 12:15:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Euro probes key Gann level
  • Gold near key downside pivot
  • EUR/AUD fails at key resistance zone

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: Greenback Still Shines

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched a new 2-year low yesterday befor finding support near the 12th square root relationship of the year’s high at 1.2585
  • Our near-term trend bias is lower while below 1.2705
  • A close under 1.2585 is needed to confirm that a more important leg lower in underway
  • A turn window of some importantance is eyed later next week
  • A close over 1.2705 would turn us positive on the euro

USD/JPY Strategy: Like holding reduced long short positions while below 1.2705.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.2500

*1.2585

1.2605

1.2650

*1.2705

Price & Time Analysis: GOLD

Price & Time: Greenback Still Shines

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has come under further pressure to record its lowest level since the start of the year on Tuesday
  • Our near-term trend bias is lower in Gold while below 1235
  • Interim support is eyed at 1208 and 1193 ahead of last year’s low at 1179
  • A minor turn window is eyed later next week
  • A close over 1235 would turn us positive on the metal

XAU/USD Strategy: Square

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1179

1193

1208

*1235

1244

Focus Chart of the Day: EUR/AUD

Price & Time: Greenback Still Shines

EUR/AUD posted an “outside day” reversal yesterday near the 1.4580 38% retracement of the year’s range. A couple of near-term Fibonacci timing relationships are converging around this time which argue the cross is susceptible to a decent correction over the next few days. The 1.4410/20 area is a clear near-term pivot with weakness below needed to confirm that a more meaningful reversal is indeed underway. Any strength through 1.45850 would invalidate this burgeoning negative cyclical view and re-focus higher.

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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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