Filed Under:
Talking Points

  • EUR/USD breaks major support level
  • USD/JPY finds support just above important retracement level
  • Important few days coming up for GOLD
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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_JAN_31_body_Picture_3.png, Weekly Price & Time: EUR/USD BreaksCharts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD broke through key support this week to trade at its lowest level since mid-November
  • Our trend bias is lower in the Euro while below the 2013 closing high near 1.3800
  • The 4th square root relationship of the 2013 high is now a key downside attraction
  • A minor cycle turn window is seen later next week
  • Only a daily close back over 1.3800 would turn us positive on the Euro again
Weekly EUR/USD Strategy: Like the short side while under 1.3800.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3360

*1.3420

1.3490

1.3655

*1.3800

Weekly Price & Time Analysis: USD/JPY

WPT_JAN_31_body_Picture_2.png, Weekly Price & Time: EUR/USD BreaksCharts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in consolidation mode above the 38% retracement of the October to January advance near 102.00
  • Our broader bias is now negative in the rate while below 104.40
  • The 102.00 level is an important pivot that needs to be breached soon on a daily close basis if a more serious decline is to take hold
  • A turn window is seen early next week
  • A weekly close back over 104.40 would turn us positive again on USD/JPY
Weekly USD/JPY Strategy: We like the short side in USD/JPY while below 104.40.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

101.55

*102.00

102.15

103.40

*104.40

Weekly Price & Time Analysis: GOLD

WPT_JAN_31_body_Picture_1.png, Weekly Price & Time: EUR/USD BreaksCharts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD failed earlier in the week near the 38% retracement of the August to January decline near 1276
  • Our broader trend bias remains positive in the metal while above 1213
  • A convergence of Gann and Fibonacci levels between 1276 and 1286 needs to be overcome to signal the next leg higher
  • The next few days are important for the metal from a cyclical stanpoint
  • A daily close back under 1213 would turn us negative on the metal
Weekly XAU/USD Strategy: Like being long while over 1213.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1213

1246

1241

*1286

1300



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