Daily Close…Tonight’s Trading Plan

It was another down day for the majors against the USD.  In early New York trading it appeared a bit of a pullback was in the cards until news from Greece pushed the EUR lower and dragged the majors down with it.  Many of the crosses broke above or below major levels.  The EURUSD pushed below 1.28 and appears it could be on its way to testing year lows at 1.2650.  The GBPUSD is resting on trend line and daily support at 1.60/1.5980.  The USDCAD has broken above the 1.0050 level that has contained the pair over the last few months.  In Asian trading news releases are limited but things pick up in Europe with the release of GBP Jobless Claims, Inflation Report and the EUR CPI.  It should be kept in mind tomorrow in North America the FOMC Minutes will be release.  As always keep your trades KEANE and play it safe.

EURUSD Falling towards the lows of the year

The EURUSD attempted to rally in early North American trading only to be pushed lower due to news from Greece.  The pair is having troubles mounting any sort of move higher in the current environment.  Since the beginning of the month the EURUSD has loss ground 11 of 12 days losing around 500 pips.  A pullback would be healthy at this point.  The question is what would be the catalyst.   Long-term strong daily support rest at 1.2625.  This level represents yearly lows.  Resistance is now at past support at 1.28.

Sup     1.28

Res     1.2650

GBPUSD Down she goes..

The GBPUSD pushed lower with risk today.  The cross is now resting on trend support in the 1.60 area.  Daily price support rest just below at 1.5980.  These two level create a strong support zone in the 1.60/1.5980 area.   Resistance rest above at 1.6050.  In early European trading watch for the release of GBP Jobless Claims and Inflation Report.

Sup      1.60/1.5980

Res       1.6050

AUDUSD Broke through support at .9950

This pair has been on a one way street lower in the month of May.  .9950 had supported the AUDUSD so far this week but traction was lost in late New York trading.  Follow through from this point is now the question.  The next level of support is at 9890.  A break of this level could open up the pair to loses towards the .9675 area.  Resistance starts at .9950 followed by  1.0040.

Sup    .9890

Res    .9950             1.0040

NZDUSD Down 11 of the last 12

The real question here is when will this pair stop falling.  It seems foolish to try to catch a falling knife at this point.  So the best strategy may be to wait for a pullback.  If the NZDUSD continues its push below .77 the next level of support could be year lows around .75.  Resistance above .77 now rest at .78.

Sup    .75

Pivot   .77

Res     .78

USDCAD Above the great wall of 1.0050

The USDCAD did the unthinkable in late New York trading on Tuesday and broke above 1.0050.  If the pair can gain traction above this level we could see a major trend shift.  The 1.0050 area has contained price action since the beginning of February.  1.0150 is the first level of major price resistance above 1.0o50.  If 1.0050 once again rejects price action support begins at parity.

Sup      1.0000

Res      1.0150

USDJPY is chipping away at channel resistance

the USDJPY has been drifting lower in channel since reaching highs at 84 in late March.  The pair is currently testing the top of the channel at 80.20.  Support rest around 79.40.  A break of the channel should be traded cautiously.  The cross has been trading sideways for the last few weeks.

Sup  79.40

Res 80.20            80.60