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Talking Points

  • EUR/USD rebounds off key long-term Fibo
  • USD/JPY breakout
  • Key cycle turn window for Gold

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Critical Test Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched its lowest level in almost nine months this week before rebounding off the 50% retracement of the 2013/2014 advance near 1.3370
  • Our broader bias is negative in the euro while under 1.3595
  • Weakness under 1.3370 exposes the next major downside attraction at 1.3295
  • An important turn window is eyed next week
  • A weekly close back over 1.3595 would turn us positive on the exchange rate

Weekly EUR/USD Strategy: We like selling on strength over the next few weeks.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3295

1.3370

1.3410

1.3500

*1.3595

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Critical Test Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded to its highest level since early April this week
  • Our broader bias is now positive on the exchange rate
  • A close over the 61.8% retracement of the April/May decline near 102.85 is needed as further confirmation that a more serious move higher is underway
  • A minor cycle turn window is eyed later next week
  • Only weakness below 101.05 will turn us negative again on the exchange rate

Weekly USD/JPY Strategy: Covered tactical shorts on move through 102.25. Now looking to buy on weakness while over 101.05.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.05

102.35

102.75

*102.85

103.35

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Critical Test Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD came under further pressure this past week to trade at its lowest level since mid-June
  • Our broader bias is negative on the metal while under 1305
  • The 1280/60 area is a key downside pivot with weakness below this zone needed to set off a more important decline
  • An important turn window is eyed around the middle of next week
  • A move back through 1321 on a daily close basis would turn us positive again on the metal

Weekly XAU/USD Strategy: Square here. Like buying the metal on a move through 1305.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1262

*1280

1294

*1305

1321

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