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Talking Points

  • EUR/USD testing major support zone
  • USD/JPY on cusp of important break?
  • Long-term turn window in Gold coming up

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Key Period Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD consolidated just above its four month low this past week
  • Our broader bias is negative on the Euro while below 1.3755
  • A daily close under 1.3520 is needed to confirm a resumption of the broader decline
  • The latter half of the month is the next cycle turn window of importance
  • A move through 1.3755 is needed to shift the broader trend bias to positive

Weekly EUR/USD Strategy: Like the short side while under 1.3755.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3465

*1.3520

1.3535

1.3675

*1.3755

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Key Period Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY came under fairly steady pressure this past week after failing at Gann resistance near 102.80
  • Our broader bias is negative in the rate while below 104.40
  • A close under 101.35 will signal a resumption of the broader decline
  • The end of the month is the next turn window of significnance for the rate
  • Only strength over 104.40 will turn us positve on USD/JPY

Weekly USD/JPY Strategy: We like tactical short positions in USD/JPY while below 104.40 on a weekly close basis.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

100.75

*101.35

102.00

102.80

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Key Period Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has moved steadily higher since finding support near the 1244 4th square root relationship of the year’s high
  • Our broader trend bias is lower while below 1286
  • The 1210/20 area looks like a key downside atteraction
  • The 2nd part of June looks to be an important time period for the metal
  • A daily close back over 1286 would turn us positive on the yellow metal

Weekly XAU/USD Strategy: Square.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1210/20

1240

1273

*1286

1300

Unfamiliar with Gann Square Root Relationships? Learn more about themHERE.

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