Weekly Price & Time: Mid-June Key For Gold

By DailyFx | June 06, 2014 AAA

Talking Points

  • EUR/USD rebounds from key support zone
  • USD/JPY nearing important resistance zone
  • GOLD break below major support zone

To receive Kristian’s analysis directly via email, please SIGN UP HERE.

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Mid-June Key For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched its lowest level since early February on Thursday before reversing sharply form just below the 4th square root relationship of the year’s high near 1.3520
  • 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
  • A cycle turn window was seen this week so caution is required
  • 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

*1.3520

1.3585

1.3630

*1.3755

1.3825

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Mid-June Key For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has moved steadily higher since undercutting the 200-day moving average late last month
  • 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 middle of next week is another important turn window related to the 2011 in the exchange 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

102.50

103.10

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Mid-June Key For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD touched its lowest level since late January this week
  • Our broader trend bias is now lower while below 1286
  • The 1210/20 area looks like a key downside atteraction
  • The middle 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

1242

*1286

1300

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

comments powered by Disqus
Related Forex Analysis
  1. No results found.
Trading Center