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Talking Points

  • EUR/USD takes out important Fibonacci resistance
  • USD/JPY pulls back from multi-month highs
  • Gold at important cycle points
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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

New_document_1_body_Picture_3.png, Price & Time: Important Cyclical Pivot Here In GoldCharts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD extended the advance from the 50% retracement of the July to October advance to trade to its highest level in over a month on Friday
  • Our broader bias is positive on the Euro and will remain so while above 1.3540
  • The 78.6% retracement of the October/November decline at 1.3715 is the next important upside pivot with traction above exposing the year’s high
  • A medium-term cycle turn window ends early next week with the next window of significance coming near the end of the month
  • A move under the 7th square root relationship of the year’s low at 1.3540 would turn us negative on the Euro
Weekly EUR/USD Strategy: Square here, but may look to buy on weakness if current turn window fails to trigger a reversal.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3540

1.3595

1.3680

1.3715

1.3770

Weekly Price & Time Analysis: USD/JPY

New_document_1_body_Picture_2.png, Price & Time: Important Cyclical Pivot Here In GoldCharts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded to its highest level since May earlier this week before encountering Gann resistance near 103.50
  • Our broader trend bias is positive in the exchange rate while above the 2nd square root relationship of the years’ high at 101.70
  • A move through 103.50/70 is needed to signal that another leg higher is underway
  • A medium-term cycle turn window is seen over the latter half of next week
  • Only a move below101.70 would shift our broader-term trend bias to negative
Weekly USD/JPY Strategy: Like being long against 101.70.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.70

102.00

102.75

103.05

*103.70

Weekly Price & Time Analysis: GOLD

New_document_1_body_Picture_1.png, Price & Time: Important Cyclical Pivot Here In GoldCharts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD traded this week to its lowest level since late June before finding support at the 1st square root relationship of the year’s low
  • Our broader trend bias is negative in the metal while below last week’s high at 1258
  • A daily close under 1219 signals a resumption of the broader decline
  • A Fibonacci time relationship related to the August high and June lowcould influence over the next few days
  • A daily close back over 1258 would turn us positive on the metal.
Weekly XAU/USD Strategy: Like being square here into this turn window. A close over 1258 would get us long.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1180

*1219

1233

*1258

1282



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