Filed Under:
Talking Points

  • EUR/USD stalls under key long-term retracement
  • USD/JPY prints 5-year high
  • Gold closes at lowest level of the year
Looking for real time Forex analysis throughout the day? Try DailyFX on Demand.

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_DEC_20_body_Picture_3.png, Weekly Price & Time: Gold & Yen Seeing Extremes in SentimentCharts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD failed this week just shy of the 61.8% retracement of the 2011/2012 decline at 1.3830
  • Our broader bias is positive on the Euro and will remain so while above 1.3590
  • The 1.3830 level and the 50% retracement of the 2008/2010 decline near 1.3955 are critical on the upside with traction above required to set off a more important move higher in 2014
  • The last week of the year looks like an important cyclical inflection point
  • A move under the 2nd square root relationship of the year’s high at 1.3595 would turn us negative on the Euro
Weekly EUR/USD Strategy: Looking to sell around the end of the year.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3540

*1.3595

1.3675

1.3770

*1.3830

Weekly Price & Time Analysis: USD/JPY

WPT_DEC_20_body_Picture_2.png, Weekly Price & Time: Gold & Yen Seeing Extremes in SentimentCharts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded to its highest level in over 5 years this week
  • Our broader trend bias is positive in the exchange rate while above 101.60
  • The 100% extension of the September/October decline 104.50 is important resistance with traction above now needed to extend the advance
  • A medium-term cycle turn window is seen around the end of the year
  • Only a move under 101.60 would undermine our positive view on the exchange rate
Weekly USD/JPY Strategy: Like being long against 101.60

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.60

102.90

104.15

*104.50

105.60

Weekly Price & Time Analysis: GOLD

WPT_DEC_20_body_Picture_1.png, Weekly Price & Time: Gold & Yen Seeing Extremes in SentimentCharts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD closed at its lowest level of the year on Thursday
  • Our broader trend bias is negative in the metal while below the 1x2 Gann angle line of the August high near 1253
  • The year’s intraday low near 1180 is an important near-term pivot with weakness below this level needed to confirm a more important decline
  • A medium-term cycle turn window is eyed around the end of the year
  • A daily close back over 1253 is needed to turn us positive on Gold
Weekly XAU/USD Strategy: Like being square here with sentiment so lopsided in the metal at the moment.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1160

*1180

1204

1215

*1253



comments powered by Disqus
Trading Center