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Talking Points

  • EUR/USD cracking critical support
  • USD/JPY nearing important break?
  • Gold closing in on key support level

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: EUR/USD Cracking Important Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD broke under a key Fibonacci confluence this week to trade to new lows for the year
  • A weekly close under 1.3470 will shift our broader trend bias to negative on the euro
  • The 1.3395 area is the next important zone of support
  • An important turn window is eyed around the first week of August
  • A weekly close back over 1.3700 would turn us positive again on the euro

Weekly EUR/USD Strategy: Will go square on a close under 1.3470. Will look to sell into strength in the weeks ahead.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3130

*1.3395

1.3440

*1.3700

1.3820

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: EUR/USD Cracking Important Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has moved steadily higher over the past week from near the multi-month range lows
  • However, our broader bias is negative in the rate while below 102.25
  • A close under 100.75 is needed to signal a resumption of the broader decline
  • The next turn window of importance is eyed near month end
  • Only strength over 102.25 will turn us positve on USD/JPY

Weekly USD/JPY Strategy: Like tactical short positions in USD/JPY while below 102.25.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*100.75

101.05

101.80

*102.25

*102.80

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: EUR/USD Cracking Important Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has come under steady pressure since failing near a key Gann confluence zone in the 1348 area
  • Weakness under 1305 has turned us negative on the metal
  • The 1280 area is a key downside pivot with weakness below this zone needed to set off a more important decline
  • A turn window is eyed in early August
  • A move back through 1321 on a daily close basis would turn us positive again on the metal

Weekly XAU/USD Strategy: Square here.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1262

*1280

1295

*1321

*1348

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