Talking Points
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Foreign Exchange Price & Time at a Glance:
Price & Time Analysis: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD broke through the 161.8% extension of the Jan-Feb advance to fall to its lowest level in almost 12-years this morning
- Our near-term trend bias is negative while below 1.0905
- The 1x3 Gann angle line of the 2014 high near 1.0740 is immediate support ahead of the next attraction at 1.0685
- A turn window is eyed mid-month
- A close above 1.0905 would turn us positive on the euro
EUR/USD Strategy: Like the short side while below 1.0905
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
|---|---|---|---|---|---|
| EUR/USD | *1.0685 | 1.0740 | 1.0760 | 1.0800 | *1.0905 |
Price & Time Analysis: GOLD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GOLD fell to a 3-month low today
- Our near-term trend bias is lower while below 1200
- Gann support is eyed around 1155 with a move below there exposing the 2014 low near 1130
- A turn window of some importance is eyed later this week
- A close above 1200 would turn us positive on the metal
GOLD Strategy: Square
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
|---|---|---|---|---|---|
| GOLD | *1130 | 1155 | 1161 | 1175 | *1200 |
Focus Chart of the Day: USD/JPY
Our patience with USD/JPY has finally started to pay off. The “breakout” from the multi-week bullish consolidation pattern in early February was anything but textbook as trading grinded to a halt for the rest of the month. Such action is not usually what one wants to see after a clear technical pattern gets triggered, but more importantly support levels did not waiver during this time. The latest push higher through key cyclical pivots at 120.80 and 121.65 suggests the broader dollar uptrend is finally attempting to reassert itself which should set the stage for a further advance in the weeks ahead. The 2007 high near 124.00 is a clear intermediate target. A move back under 120.00 would be concerning especially with sentiment so elevated, but only unexpected aggressive weakness under 118.40 would turn the technical picture overtly negative.
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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
