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Talking Points

  • EUR/USD consolidating above key Fib level
  • USD/JPY closing in on key resistance zone
  • Gold holding above key Gann level

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD is in consolidation mode above the 200% extension of the June/July advance near 1.3325
  • Our broader bias is negative in the euro while under 1.3560
  • A close under 1.3300 is needed to confirm that a new leg lower is underway
  • A turn window is eyed early next week
  • A weekly close back over 1.3560 would turn us positive on the exchange rate

Weekly EUR/USD Strategy: We like selling on strength.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3300

1.3325

1.3390

1.3430

*1.3560

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY is trading near the top end of its multi-month consolidation
  • Our broader bias is 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 next week
  • Only weakness below 101.50 will turn us negative again on the exchange rate

Weekly USD/JPY Strategy: Like the long side while over 101.50.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.50

102.35

102.60

*102.85

103.35

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD remains in a choppy range above key a key Gann confluence near 1280
  • Our broader bias is positive on the metal while over 1280
  • The 1320 area need to be overc oem on a closing basis to signal that a more important advance is unfolding
  • An importan turn window is eyed next month
  • A move under 1280 will turn us negative on Gold

Weekly XAU/USD Strategy: Like the long side awhile ab1280.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1262

*1280

1294

*1305

1321

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