Talking Points
1.3570 area in the euro is critical
USD/JPY moment of truth coming up
Gold nearing important upside pivot
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Weekly Foreign Exchange Price & Time at a Glance:
Weekly Price & Time Analysis: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD has been weak since failing earlier in the month near the 38% retracement of the May to June range
Our broader bias is positive on the euro
A daily close over 1.3690 is needed to set up a new leg higher in the exchange rate
A turn window is seen in about a week
A daily close under 1.3470 is needed to turn our outlook negative
Weekly EUR/USD Strategy: Like the long side while over 1.3470 (close).
Weekly Price & Time Analysis: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY has come under renewed pressure following last week’s failure near the 2×1 Gann angle line of the year’s high in the 102.20 area
Our broader bias is negative in the rate while below 102.80
A close under 101.35 is needed to signal a resumption of the broader decline
The next turn window of importance is eyed in about a week
Only strength over 102.80 will turn us positve on USD/JPY
Weekly USD/JPY Strategy: Like tactical short positions in USD/JPY while below 102.80.
Weekly Price & Time Analysis: GOLD
Charts Created using Marketscope – Prepared by Kristian Kerr
XAU/USD traded through the 61.8% retracement of the March /June decline at 1334 this week to trade at its highest level in almost four months
Our broader trend bias remains higher in the metal
A Gann confluence zone between 1348 and 1356 is the next area of attraction with a move above needed to signal that a much more important move higher is underway
A turn window is eyed in about a week or so
Weakness under 1305 would turn us negative on Gold again
Weekly XAU/USD Strategy: Like the long side while over 1305.
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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 kkerr@fxcm.com. Follow me on Twitter @KKerrFX
Weekly Price & Time: USD/JPY Inching Towards the Lows of the Year
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