Weekly Price & Time: Aggressive Turn in Gold
by
, 06-22-2014 at 11:02 PM (1663 Views)
Talking Points
- EUR/USD hold key Gann level
- USD/JPY nearing important break
- End of month important for Gold
Weekly Foreign Exchange Price & Time at a Glance:
Weekly Price & Time Analysis: EUR/USD
- EUR/USD remains in a sideways to higher range above the 4th square root relationship of the year’s low 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
- The end of the month is the next cycle turn window of importance for the exchange rate
- 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 1.3590 1.3675 1.3755
Weekly Price & Time Analysis: USD/JPY
- USD/JPY is in consolidation mode above the 101.55 61.8% retracement of the May/June range
- Our broader bias is negative in the rate while below 102.80
- A close under 101.55 should 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 102.80 will turn us positve on USD/JPY
Weekly USD/JPY Strategy: We like tactical short positions in USD/JPY while below 102.80.
Instrument Support 2 Support 1 Spot Resistance 1 Resistance 2 USD/JPY 100.75 101.55 102.15 102.80 104.40
Weekly Price & Time Analysis: GOLD
- XAU/USD broke above key Gann resistance at 1286 this week
- Our broader trend bias is now higher in the metal
- A resistance cluster at 1321 needd to be overcome to prompt the next push higher
- The end of the month looks to be the next turn window of importance
- A daily close under 1286 would turn us negative on Gold again
Weekly XAU/USD Strategy: Like buying on weakness against 1286.
Instrument Support 2 Support 1 Spot Resistance 1 Resistance 2 XAU/USD 1286 1300 1321 1321 1338
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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