Filed Under:
Talking Points

  • EUR/USD halts decline ahead of important Gann level
  • USD/JPY reverses from just below a long-term retracement
  • Gold threatening to breach key Gann resistance
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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_JAN_10_body_Picture_3.png, Weekly Price & Time:  USD/JPY Stalls at Important Long-Term ResistanceCharts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD stalled its decline after finding support just ahead of the 1.3540 3rd square root relationship of the 2013 high
  • Last week’s close below 1.3655 shifted our trend bias to negative in the rate
  • The1.3540 area is key support, with weakness below needed to signal a broader downside resumption
  • The latter half of the month is the next medium-term cycle turn window
  • 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

1.3665

*1.3800

1.3895

Weekly Price & Time Analysis: USD/JPY

WPT_JAN_10_body_Picture_2.png, Weekly Price & Time:  USD/JPY Stalls at Important Long-Term ResistanceCharts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY reversed course sharply on Friday and traded to its lowest level in almost three weeks
  • Our broader trend bias is positive in the exchange rate while above 103.35
  • The 105.55 level remains critical resistance that must be overcome soon if another important leg higher is to unfold
  • The first half of next month is the next important cycle turn window
  • A weekly close below the 2nd square root relationship of the year’s high at 103.35 will turn us negative on the exchange rate
Weekly USD/JPY Strategy: Like being long against 103.35

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*103.35

103.90

104.00

104.80

*105.55

Weekly Price & Time Analysis: GOLD

WPT_JAN_10_body_Picture_1.png, Weekly Price & Time:  USD/JPY Stalls at Important Long-Term ResistanceCharts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD reversed from the 1184 161.8% extension of the October advance last week
  • However, our broader trend bias is negative in the metal while below the 2nd square root relationship of the 2012 low near 1250
  • Gann support at 1206 is important, but only weakness below 1184 will confirm that the downtrend is resuming
  • A medium-term cycle turn window is seen around the end of the month
  • A daily close over 1250 will turn us positive on the metal
Weekly XAU/USD Strategy: Like being square here, but will look to go long if 1250 is overcome.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1184

1206

1247

*1250

1263



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