It was a quiet day of trading ahead of Fridays NFP report.  It is interesting to see that price action has placed a few pairs at monthly price supports heading into tomorrow’s data.  The AUDUSD is resting on the top of the 1.0250/25 zone with data being released in Asian trading.  The release of the AUD Statement of Monetary Policy should kick the pair one way or the other.  NZDUSD continues to fall and is trying to at least slow in decent at the .80 level and the USDCAD is at trend line resistance.  It is interesting to consider the possible outcomes following NFP.  If the number is below expectation would risk rally in anticipation of further QE?  If the number is above expectations would risk again rally?  It is hard to tell.  I’m going to sit back and let the price action do the talking.  Remember to keep your trades Keane and Play it safe.

EURUSD Triangle should contain heading into NFP

The EURUSD is wrapping the day up in New York where it began.  The pair dipped down to touch the inside support at 1.31 during the ECB press conference only to rebound back to mid range.  Heading into Asian and European trading I would expect the pair to drift around the 1.3150 zone.  If things do start moving the triangle should contain price action pre NFP.  The top of the triangle is at 1.3275 and the bottom comes in at 1.3070.  The inside of the triangle can be played until it is broken.  A break to the topside could see a test of 1.3380 followed by 1.35.  A break to the bottom could see a test of 1.300 initially.  If desired you can play the inside of the triangle.  Resistance rests at 1.32 and support is a t 1.31.

Support                   1.3070        1.31

Resistance               1.3275         1.32

GBPUSD Steady as we go…

The GBPUSD has been consolidating around the 1.62 level.  This trend could continue in Asian and European trading.  Heading into NFP 1.62 should act as initial resistance and support is layered at 1.6150 followed by 1.6075.  After NFP we could see the extremes of the larger triangle come into play. Triangle resistance is around 1.6320 and support down around 1.5950.  Beware of  trading NFP  initial reaction because it is often retraced.

Support       1.6150            1.6075

Resistance  1.62

AUDUSD Testing the bottom of its range

The AUDUSD moved steadily lower in North American trading.  Heading into the close the pair is testing the top of the 1.0250/25 resistance zone.  This level has held the pair for the last month and may once again.  In Asian trading the AUD Statement of Monetary Policy could dictate if the 1.0250 level holds.  Resistance is strong at 1.0350.  If the 1.0250 level fails we could see a rundown to 1.0040 in the coming sessions.

Support                 1.0250/25

Resistance            1.0350

NZDUSD Looking for firm footing

Disappointing Employment figures sent the NZDUSD tumbling lower in early Asian trading Thursday.  the pair is trying to find traction at the .82 level.  If the cross can hold at this price we could see a push back into the range.  I would expect the pair to remain around the .82 level heading into Fridays NFP report.  If we break this level we could see a push lower to the 50 fib from last November’s lows at .7921.

Sup    .80     .7920

Res     .81

USDCAD At a cross road

The USDCAD has moved up to test trend line resistance at 98.85.  Daily price resistance lays just above at .99.  This level has contained the pair over the few days.  Support is still down at .98.  This cross is going to follow risk to an extent but also keep an eye on oil.

Sup       .98

Res        .99/.9890

USDJPY On Holiday

The pair has wandered around without any clear direction over the last few days.  This price action is due to the fact that Japanese traders are on holiday for the remainder of the week.  The pair may wake up briefly for NFP but I wouldn’t expect any meaningful follow through.  Support is at 79.70 and resistance is at 80.60.

Sup     79.70

Res     80.60