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Talking Points

  • 1.3570 area in the euro is critical
  • USD/JPY moment of truth coming up
  • Gold nearing important upside pivot

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: USD/JPY Inching Towards the Lows of the Year

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has been weak since failing earlier in the month near the 38% retracement of the May to June range
  • Our broader bias is positive on the euro
  • A daily close over 1.3690 is needed to set up a new leg higher in the exchange rate
  • A turn window is seen in about a week
  • A daily close under 1.3470 is needed to turn our outlook negative

Weekly EUR/USD Strategy: Like the long side while over 1.3470 (close).

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3430

*1.3470

1.3605

*1.3690

1.3750

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: USD/JPY Inching Towards the Lows of the Year

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under renewed pressure following last week’s failure near the 2x1 Gann angle line of the year’s high in the 102.20 area
  • Our broader bias is negative in the rate while below 102.80
  • A close under 101.35 is needed to signal a resumption of the broader decline
  • The next turn window of importance is eyed in about a week
  • Only strength over 102.80 will turn us positve on USD/JPY

Weekly USD/JPY Strategy: Like tactical short positions in USD/JPY while below 102.80.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

100.75

*101.35

101.35

*102.80

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: USD/JPY Inching Towards the Lows of the Year

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD traded through the 61.8% retracement of the March /June decline at 1334 this week to trade at its highest level in almost four months
  • Our broader trend bias remains higher in the metal
  • A Gann confluence zone between 1348 and 1356 is the next area of attraction with a move above needed to signal that a much more important move higher is underway
  • A turn window is eyed in about a week or so
  • Weakness under 1305 would turn us negative on Gold again

Weekly XAU/USD Strategy: Like the long side while over 1305.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1286

*1305

1335

1348

*1356

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