Today was a fun day to be a trader.  We had a few twists a turns and a bit volatility.  We should see a bit of the same tomorrow.  On Thursday we have more than our far share of data to digest.  Starting in Asia with he release of the AUD employment report.  This number could set the tone for risk heading into European trade. Expectations are for a -5k print, a better than expected number could relieve the downward pressure on the commodity currency.  In late European trading all eyes will be on the BOE Rate Decision and the Asset Purchase Target report.  Any hint of further asset purchases and the Pound could be in for a rough day.  finally, in North American trading Bernanke will be speaking on the US banking system.   Keep an eye  on gold below 1600 and for further declines in oil.  As always keep your trades KEANE and play it safe.

EURUSD Skips below support

The EURUSD sliced below key support in the 1.30/1.2970 zone to open New York Trading on Wednesday. The cross pushed as low as 1.2910 before rebounding in afternoon trading.  Resistance can now be found at past support at 1.30.  A break of this level could lead to a short squeeze higher.  Support starts at 1.2910 followed by 1.2860.

Sup               1.2910             1.2860

Res               1.30

GBPUSD All Eyes on the BOE

The pair made a run towards the 50 fib from the April highs at 1.6058 but turned up a bit short.  Risk sentiment reversed after the European close in New York helping the majors rally from the lows of the day.  The GBPUSD went so far to break back above the 1.6115 past support level.  Heading forward a strong support zone has been created starting at daily price support at 1.6080 and capped by the 50 fib at 1.6058.  Resistance is once again at the 1.62 level.  Keep in mind that heading into European trading the Bank of England Rate Decision and Asset Purchase Report are due for release.  Any increase in the asset program should send the pair lower.

Sup    1.6080/58

Res     1.62

AUDUSD Employment Report Tonight…

The pair continued its slow and steady march lower on Tuesday. Support at the 1.0040 level stopped the crosses fall and could act a sling board for a correction higher.  The key to the puzzle will be revealed tonight with AUD Employment Report.  It is projected that 5k jobs will be lost and the employment rate will be 5.3%.  If we receive a number greater than the -5k we could see a rally in the pair.  A significant miss by the numbers and we could see a break below parity towards 98.90.  In the short-term resistance is at 1.01 followed by 1.025/50 and support is at 1.0040 followed by .9890.

Sup    1.0040           .9890

Res    1.01                  1.0250/25

NZDUSD May be time for a bounce..

The Pair managed to break through support at .7880 on Wednesday and is now challenging support at .78.  Risk trends should dictate price action for this pair.  A break back above .7880 and we could see a short squeeze back up to the 80 region.

Sup   .78

Res    .7880   .80

USDCAD Shoved back into the range

The USDCAD did the unthinkable and tried to break through the top of the range that has contained it over the last few months.  the 1.0050 level rejected the pair and pushed it back towards parity.  Going into Asian trading all eyes will be on the 1.00 level, a break of this price and we could see a move back down towards .9950.

Res     1.0050

Sup    .9950

Pivot   1.000

USDJPY Pushing Lower

This pair has been drifting sideways over the last week.  79.65 has been supporting the USDJPY but lower yields in the US  have not been helping its case.  The pair is still in a channel heading lower and until the cross can break above channel trend line resistance, my view has to be for a move even lower.  Support is at 79.65 followed by 79 and resistance is up at 80.35.

Sup     79.65             79

Res     80.35