Gold takes out key levels while AUD/USD remains pinned down by important Gann resistance. USD/JPY up move stalls.
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Foreign Exchange Price & Time at a Glance:
Price & Time Analysis: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
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USD/JPY traded to its highest level in three weeks on Friday before encountering resistance near the 4th square root progression of the year-to-date high in the 99.25 area
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The near-term trend bias is positive and will remain so while above 96.90
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The 99.25 level is now a near-term upside pivot with traction above opening the way for a test of key resistance at 99.95
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The latter half of this week is a medium-term cycle turn window
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A confluence of Fibonacci retracements near 97.50 is intermediate support, but only weakness below last week’ low near 96.90 would alter the positive technical outlook in the rate
USD/JPY Strategy: like the long side whilst over 96.90.
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
| USD/JPY | 96.90 | 97.55 | 98.60 | 99.25 | *99.95 |
Price & Time Analysis: AUD/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
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AUD/USD recovery off the 78.6% retracement of the month-to-date range at .8930 has been unimpressive
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While over .8930 our near-term trend bias will remain positive
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A move through Gann resistance at .9040 is deseperately needed to set up a more important move higher
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However, medium-term cycle studies turn negative around the middle of the week
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A close under .8930 will undermine the burgeoning postive structure and turn us negative on the Aussie
AUD/USD Strategy: Small longs favored while over .8930
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
| AUD/USD | *0.8845 | *0.8930 | 0.8930 | *0.9040 | 0.9085 |
Price & Time Analysis: EUR/GBP
Charts Created using Marketscope – Prepared by Kristian Kerr
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EUR/GBP has moved slowly higher since finding support a couple of weeks ago at the 4x1 Gann angle line of the year’s high in the .8500 area
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While under the 4th square root progression of the year’s high near .8625 our near-term trend bias will remain lower in the cross
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The .8530 area is a near downside pivot, but weakness below major support at around .8485 is really needed to set off a more important decline in the rate
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Cycle studies suggest that the middle of the week is a likely turn window in the cross
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A close over Gann resistance at .8625 will alter the negative technical outlook and focus higher