TechnoMeter

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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