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Price & Time: Kiwi Nearing Key Pivot Zone

Price & Time: Kiwi Nearing Key Pivot Zone

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/JPY records new multi-year high
  • NZD/USD median line symmetry continues to influence
  • GBP/USD bounces off key Fibo

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Kiwi Nearing Key Pivot Zone

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY recorded a new multi-year high this morning on the move above 125.00
  • Our near-term trend bias is higher in USD/JPY while above 123.55
  • The highs from the latter part of 2002 near 125.50 are the next big pivot levels of note
  • A very minor cycle turn window is eyed tomorrow
  • A close below 123.55 would turn us negative on the exchange rate

USD/JPY Strategy: Like the long side while above 123.55

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*123.55

124.30

124.75

125.05

*125.50

Price & Time Analysis: GBP/USD

Price & Time: Kiwi Nearing Key Pivot Zone

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level in three weeks yesterday before finding support near the 50% retracement of the April – May advance near 1.5200
  • Our near-term trend bias is lower in the pound while below 1.5450
  • A daily settelment below 1.5200 is needed to set off a more important leg lower in the rate
  • A very minor turn window is eyed tomorrow
  • Any traction over 1.5450 would turn us positive on Cable

GBP/USDStrategy: Like the short side while below 1.5450

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

1.5090

*1.5200

1.5175

1.5315

*1.5450

Focus Chart of the Day: NZD/USD

Price & Time: Kiwi Nearing Key Pivot Zone

NZD/USD was one of the first exchange rates to turn during this recent USD revival. Since breaking the trendline connecting the March and mid-April lows the pair has come under steady pressure to lose more than 5 big figures. A median line channel connecting the April high and mid-May swing points has proven remarkably influential over the past few weeks as the pair has fallen nicely along its symmetry. The break of the early March low last week keeps the exchange rate in a very negative position and puts focus on what we think should be the next key pivot area around .7000 which is a convergence of the 127% extension of the March – April and the 161.8% projection of the late April – mid May decline. Strength above the top of the median line channel around .7180 would call into question the immediate negative view, but only traction above the trendline connecting the April and mid-May highs near .7325 would undermine the negative technical structure and spark concern about a possible expanding triangle bottom.

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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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