GBP/USD breaks a pivotal level, while AUD/USD & GOLD consolidate below key resistance levels.
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Foreign Exchange Price & Time at a Glance:
Price & Time Analysis: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
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EUR/USD has come under steady pressure since failing late last week at the 8x1 Gann angle line of the year-to-date high near 1.3400
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While above the 1.3240 level our near-term trend bias has to remain higher in the rate
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There is Gann resistance at 1.3320, but over 1.3400/15 is really required to confirm a more important move higher
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The near-term cyclical picture remains very muddled, though today is a minor turn window
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The 4th square root progression of the year’s high at 1.3240 is key support in the medium-term and only a close below this level will turn us negative on the rate
EUR/USD Strategy: A little confused by the cyclical picture so still square.
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
| EUR/USD | 1.3195 | *1.3240 | 1.3285 | 1.3320 | *1.3415 |
Price & Time Analysis: AUD/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
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AUD/USD remains in consolidation mode below a long-term retracement level at .9215
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While over .9035 our near-term trend bias will remain higher in the Aussie
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The .9215 area is immediate resistance, but a move through the 12th square root progression of the year’s high at .9295 is really needed to signal the start of a more powerful advance
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A minor turn window is seen over the next couple of days
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Weakness back under .9035 would undermine the burgeoning positive technical structure and turn us negative on the rate
AUD/USD Strategy: Like the long side while the Aussie is over .9035.
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
| AUD/USD | *0.9035 | 0.9100 | 0.9155 | 0.9215 | *0.9295 |
Price & Time Analysis: GOLD
Charts Created using Marketscope – Prepared by Kristian Kerr
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XAU/USD has moved steadily higher over the past week since finding good support at the 4th square root prgoression of the July high
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While below key Fibonacci symmetry near 1350, however, our near-term bias will remain lower in the metal
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On the downside the 1280 area remains a critical and weakness below on a closing basis is needed to propm a more serious move lower
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Near-term cycles studies suggest early next week is a turn window
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A close over 1350 will turn the technical outlook much more positive
XAU/USD Strategy: Short against 1350, may go with a stop and reverse on a break.