The dollar gained ground on the majors after NFP on Friday.  Throughout the week commodity crosses slipped lower on fears of a global slowdown.  The AUDUSD lead the crowd lower after the RBA lowered interest rates by 50 bps.  Going into next week all eyes will be on the EURUSD resting at the bottom of the triangle that has contained it throughout the year.  A break below this support could lead to a test of pivotal daily support at 1.30.  As always remember to keep your trades KEANE and play it safe.

EURUSD Up Down All Around…At Triangle Support

It was an up and down day for the EURUSD on Friday  The pair initially broke higher after disappointing NFP payroll data, maybe due to expectations of further QE.  Only to reverse lower, past key support at 1.31 to finish the week only pips away from key daily triangle support.  Traders may have been hesitant to hold the pair heading into the weekend due to the election in France on Sunday.  Heading into next week, the pair will begin near support at 1.3075.  If the cross breaks below this level a test of strong daily support at 1.30 may be in the cards.  This level has rejected price action three times in the past.  Resistance can still be found at the top of the triangle at 1.3270.

Sup     1.3075       1.30

Res      1.3270

GBPUSD Checking the Waters Lower.

The GBPUSD has been resilient an otherwise unstable market.  The pair maintained a 60 pip range on Friday and has resisted the urge to follow commodity currencies lower.  The pair is in a broader triangle with resistance in the 1.63 area and support down around 1.5950.  In the short-term support begins right here at 1.6150.  A break lower exposes major support at 1.6075.  Resistance rest above at 1.62.

Support       1.6150            1.6075

Resistance  1.62

AUDUSD snaps support zone

The AUDUSD has been under pressure throughout the week.  Traders have been flocking from the cross since the RBA cut interest rates by 50 bps.  This created the expectation of further cuts over the remainder of the year.  Forcing traders to reconsider the carry trade.  On Friday the pair broke below the 1.0250/25 resistance zone that had contained price action over the last month.  Support now lays at the .618 fib from Feb highs at 1.0120 followed by daily price support at 1.0040.  Resistance is now at past support at 1.0250.

Sup   1.0120       1.0040

Res    1.0225

NZDUSD Dropping Fast

The NZDUSD broke past significant support level late in the week.  The 50 Fib from the Feb highs rests at .7920.  This level may attract buyers in the short-term.  Watch resistance at .8060 on pullback to attract sellers.

Sup       .7920

Res        .8060

USDCAD Higher she goes

A confluence of pressures pressed the USDCAD on Friday.  Falling oil prices and disappointing NFP data from the US, its largest trading partner, pushed the pair higher.  Heading into next weeks trading resistance begins right here at .9950 followed by parity.  Support begins at .9870.

Sup     .98

Res      .9950       1.00

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