Filed Under:
Talking Points

  • EUR/USD has a big cyclical test coming up this week
  • USD/JPY finds support at important retracement level
  • Gold overcomes key resistance, but cyclical picture less positive here
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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_Jan_24_body_Picture_3.png, Weekly Price & Time: Important Week Coming Up For USD/JPYCharts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD recovered this week after finding support just below the 1.3540 3rd square root relationship of the 2013 high
  • Our trend bias is lower in the Euro while below the 2013 closing high near 1.3800
  • The 1.3540 area remains key support, with weakness below on a closing basis needed to signal a broader downside resumption
  • A cycle turn window is seen around the middle of 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 under 1.3800.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3540

1.3655

1.3680

1.3750

*1.3800

Weekly Price & Time Analysis: USD/JPY

WPT_Jan_24_body_Picture_2.png, Weekly Price & Time: Important Week Coming Up For USD/JPYCharts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY broke below the year’s opening range this week and traded to its lowest level since early December
  • The close below 103.35 has shifted our broader trend bias to negative
  • The 38% retracement of the October to Janaury advance near 102.00 is a key downside pivot that must be surpassed in the next few days to trigger the next important leg lower
  • A turn window is seen today and Monday
  • A weekly close back over 104.85 is needed to shift the trend bias back to positive
Weekly USD/JPY Strategy: We like selling USD/JPY on strength while below 104.85.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

101.55

*102.00

102.35

103.30

*104.85

Weekly Price & Time Analysis: GOLD

WPT_Jan_24_body_Picture_1.png, Weekly Price & Time: Important Week Coming Up For USD/JPYCharts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD traded to its highest level since early November this past week before encountering resistance at at the 50% retracement of the October to December decline at 1270
  • Our broader trend bias remains positive in the metal while above the 1x1 Gann angle line of the 2013 closing low near 1213
  • A convergence of Gann and Fibonacci levels between 1270 and 1286 needs to be overcome to signal the next leg higher
  • A cycle turn window is seen today that could lead to some near-term weakness
  • 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

1252

*1286

1300



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