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Price & Time: Indices Again Probing Key Resistance

Price & Time: Indices Again Probing Key Resistance

2015-04-15 12:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD stuck between Gann levels
  • USD/CAD threatening range break
  • S&P 500 fails again at important Gann level

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: Indices Again Probing Key Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD is meandering between key Gann levels at 1.0570 and 1.0705
  • While below 1.0830 our near-term trend bias is lower in the euro
  • Traction below the Gann level at 1.0570 is needed set up a move towards the 127% extension of the 2005-2008 adavance around 1.0440
  • A minor turn window is eyed near the end of the week
  • Only a move through 1.0830 would turn us positive on the single currency

EUR/USD Strategy: Looking to sell on rallies.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.0440

1.0570

1.0585

1.0685

1.0705

Price & Time Analysis: USD/CAD

Price & Time: Indices Again Probing Key Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD continues to test the low end of its multi-month range beween 1.2830 and 1.2350
  • Our near-term trend bias is lower in Funds while below 1.2675
  • A move under 1.2350 is needed to trigger a more meanignful decline in the rate
  • A very minor turn window is eyed tomorrow
  • A close back over 1.2675 would turn us positive on USD/CAD

USD/CAD Strategy: Square, but like selling a break of 1.2350.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

*1.2350

1.2445

1.2520

1.2565

*1.2675

Focus Chart of the Day: S&P 500

Price & Time: Indices Again Probing Key Resistance

The S&P 500 has rallied nicely from the cyclical turn window highlighted around the start of last week. With another important turn window eyed around the end of the month the charts seem to favor a continuation of this strength into that key cyclical period. Just how significant this strength will be depends on how the index reacts at the key pivot area between 2108 and 2125. These levels mark the 3rd square root relationship of the year’s low and the 127% extension of the December /early January range and have proven to be formidable resistance over the past couple of months. Traction above this zone is clearly needed to set off any sort of meaningful advance into month-end. Immediate support is eyed around 2080, but only weakness under 2040 would turn the technical picture more 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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