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Price & Time: Key Levels to Watch Ahead of the FOMC

Price & Time: Key Levels to Watch Ahead of the FOMC

2015-01-28 13:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD overcomes key Gann resistance
  • USD/JPY consolidation pattern continues
  • Trend move eyed in S&P 500

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Key Levels to Watch Ahead of the FOMC

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in consolidation mode below 118.85
  • Our near-term trend bias is positive while above 117.40
  • A close over 118.85 is needed to reinstill upside momentum in the rate
  • A very minor cycle turn window is seen here
  • A close below 117.40 would turn us negative on USD/JPY

USD/JPY Strategy: Square.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

116.95

*117.40

117.70

118.50

*118.85

Price & Time Analysis: EUR/USD

Price & Time: Key Levels to Watch Ahead of the FOMC

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD overcame key Gann resistance at 1.1310 on Tuesday
  • Our near-term trend bias is now positive in the euro while above 1.1210
  • A push above the 3rd square root relationship of the year’s low at 1.1415 is needed to set off a new leg higher
  • A minor turn window is seen on Friday
  • A close under 1.1210 would turn us negative on the euro again

EUR/USD Strategy: Like the long side while over 1.1210.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.1210

1.1310

1.1365

*1.1415

1.1520

Focus Chart of the Day: S&P 500

Price & Time: Key Levels to Watch Ahead of the FOMC

As we have mentioned in previous notes, the month of January can often be quite tricky from a trading standpoint. We attribute the whipsaw often seen at the start of the calendar year to anxiety and apprehension of missing that first real directional move of the year. Opening range breakout strategies have long been a way to capture these moves on a daily basis and they often times work to start the year as well. Taking a look at the action in the S&P 500 so far this year it has clearly been a bit twitchy, but in turn it also seems to be setting up nicely for an opening range break. Ignoring the high from the first few minutes of trading in 2015 we can define our opening range for the year as 2068 and 1976. A move above or below these levels should set off that so far illusive first real directional trend move of 2015.

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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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