Thursday was a perfect example of a market trading on news.  The majors were up against the dollar in Asian and early European trading only to fall after disappointing data out of New York.  Then news and rumors out of Europe pushed the majors back higher.  Heading into Friday's trading I would expect a range bound market prior to NFP in New York.  I would consider any test of a major a trend lines as a scalping opportunity.  As always remember to keep your trades KEANE and play it safe.

 

EURUSD ANOTHER WILD RIDE

The EURUSD had a rollercoaster day on Thursday.  The pair appeared to be positioned to make a move up towards the 1.25 area heading into New York trading until profit taking and a flurry of bad news pushed the cross to another new low at 1.2340.  The 1.2340 level represents the descending trend line that has contained the pair over the last few weeks.  Profit taking prior to NFP could produce a bounce from this level.  As always with this pair keep your eyes on the wires for news and  rumors.

Sup    1.2340

Res    1.25

GBPUSD RESTING AT SUPPORT

The GBPUSD moved down aggressively in New York trading.  The cross flirted with the 1.55 area before crashing down towards 1.54.  Resistance is now at 1.5520 and support is at 1.54.  A confirmed break of 1.54 could lead to a test of year lows in the 1.5275/35 area.

Sup    1.55

Res    1.54     1.5275/35

AUDUSD UP DOWN ALL OVER AGAIN

The AUDUSD had a bumpy day of trading on Thursday.  The cross moved into the .9750 zone before New York traders came into the mix.  The pair then fell with risk back to support at .9690 only to shoot back up towards .9750 into the close.  Support is solid at .9690 and resistance starts around .9750.  A break of the .9750 level could lead to a push up to daily price support around .98.

 

Sup     .9690

Res     .9750      .98

NZDUSD TRADING BELOW YEARLY TREND LINE

similar to the AUDUSD the NZDUSD had a crazy ride on Thursday.  Moving rapidly in a 50 pip range.  The yearly trend line up at .7570 has acted as strong resistance.  As long as the pair remains below this level the bias has to be for a test of support at .75 followed by monthly lows  around .7460.  Trading should be quite this evening heading into NFP in New York tomorrow.

Sup  .75                .7460

Res  .7570

USDCAD MAY BE LOOKING FOR 1.0420

The USDCAD broke above the 1.0310 resistance level and held onto its gains into the New York close.  As long as the pair remains above 1.0310, which is now support, the cross could be looking to test the 1.0420 level.  HEading into Friday’s trading I would expect the pair to remain range bound prior to NFP.

 

Sup  1.0310

Res   1.0420

USDJPY DOWN AGAIN

The USDJPY broke lower in New York trading after poor data. The cross touched daily support at 78.20 before rebounding.  Resistance is now up above at 79.  The bias will remain lower until the 79. level is broken.

Sup    78.20

Res   79