Dailyfx | Jul 17, 2014 11:57AM ET
Charts Created using Marketscope – Prepared by Kristian Kerr
Like the short side while under 1.3650, but positions should probably be reduced into this support zone.
Instrument |
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Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
EUR/USD |
*1.3460 |
1.3520 |
1.3525 |
1.3590 |
*1.3650 |
Charts Created using Marketscope – Prepared by Kristian Kerr
Instrument |
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Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
GOLD |
1262 |
*1280 |
1301 |
*1321 |
1347 |
Focus Chart of the Day: USD/CAD
USD/CAD touched its highest level in almost a month yesterday before encountering a slew of resistance (50% retracement of June/July decline, trendline connecting March/June highs) just ahead of 1.0800. The price action over the next few days should prove important and clue us in to whether the recovery has more life in it or not. Some backfilling over the next few sessions would not surprise, but 1.0660/80 needs to hold to keep the outlook positive. Resistance between 1.0790 and 1.0825 is critical from a medium-term perspective and any strength through this zone would be a very positive development.
This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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