The majors finished the day in New York near the lows against the USD.  The USD Dollar Index rose for a record 13 days in a row on Wednesday.  The FX markets are oversold and in need of a pullback.  But when is the question?  We are now in uncharted territory.  Heading into Asian and European trading I would watch the GBPUSD resting at resistance at 1.59 and the NZDUSD for a touch of the bottom its descending channel, for a scalp higher.  The last pair to watch is the USDJPY lingering near the top of past trend line resistance at 80.10.  In Asian trading we have the release of JPY GDP and in Europe tonight's eyes will be on EUR Spain GDP.  As always keep our trades KEANE and play it safe.

EURUSD Could we have found a bottom?

The EURUSD is on the brink of falling 12 of the last 13 days.  This is an impressive trick.  The pair fell almost fifty pips in early New York trading after rumors emerged regarding Greek banks and possible liquidity runs. Strong daily support rest at 1.2680.  The yearly low rest slightly below this level at 1.2625.  Resistance begins at 1.2810 followed by 1.2880.  An moves up towards 1.28 would give seller a new opportunity to short the pair.  Buying the cross with stops below the lows of the day(LOD) could be interesting heading into Asian trading but risky.  Spanish GDP is due at 9 GMT.

Sup    1.2680           1.2625

Res     1.2810

GBPUSD Checking out support near 1.59 

The GBPUSD broke through ascending trend line that had contained the pair over the last three months on Tuesday and never looked back.  The ascending trend line now turns from support to resistance in the short-term at 1.6015.  Daily price resistance rest at 1.60.  Creating a strong resistance zone between 1.60/6015.  Support begins at 1.5900 followed by 1.58.  Any move up toward the 1.60/15 resistance could find willing sellers.

Sup   1.60/6015

Res   1.59              1.58

 

AUDUSD Funneling Lower

    The fall in the AUDUSD has been fast and hard.  The pair is in need of a pullback.  Currently the AUDUSD is pressing against major price resistance at .9860.  This level represents the lows from last December before the pair advanced to 1.0750.  A break of this price and the next major support is not until .9670.

Sup    .9860                .9670

Res     .9965

 

NZDUSD Makes it 12 of 13 Down Days

The NZDUSD continues its rapid fall lower.  The pair is now firmly below past support at .77.  This level is now resistance.  The next major level of support doesn't occur until .75.  Throughout its decent the cross has been in a narrow channel.  A break of the up side of this channel could indicate that the pair has found support.  In the meantime you could play the bottom of the channel for bounces.

Sup     .75                channel trend line support

Res     .77

 

USDCAD Jail Break Out of its Range

The USDCAD finally broke out of the range that has contained it over the last few month.  In late New York Trading Tuesday, the pair broke above 1.0050 and gained momentum during Asian trading to move as high as 1.0130.  Resistance now is now created by the high of the day(HOD) at 1.0130 and daily price resistance at 1.0150.  Support is at past resistance at 1.0050.

Support 1.0150

Resistance  1.0030/50

 

USDJPY Sputtered Above its Channel

Zooming, shooting , blasting, firing,  these are all words that could not be used to describe the USDJPY break above its channel.  As I stated on Tuesday the pair has drifted sideways over the last few weeks and doesn’t really have a catalyst to move higher.  In the mean time daily price resistance is at 80.60.  Support can be found on the descending trend line at 80.10 and daily price support at 80.20.  Creating a strong 80.20/10 support zone.  A test of trend line support could find buyers.

Sup   80.20/10

Res   80.60