The dollar gained strength against the majors once again on Thursday.  Most of the majors finished the day in New York at or near their lows of the day.  As I have been saying all week you would expect a bounce at some point.  I'm not to sure it will be tomorrow because traders may be hesitant to hold risk into the weekend.  Heading into Asian I have my attention focused on the AUDUSD which is currently testing the .99/.9860 resistance zone.  A break of this area would push the pair into new lows for the year.    The GBPUSD is also closing in on the 50 fib at 1.5766 from the Jan lows.  All eyes should also be on the 1.2625 level in the EURUSD a break of this price would  be a new year low.  News flow starts tonight with the CNY April Property Prices report followed by the German Producers Price report.  As always Keep your trades KEANE and play it safe.

EURUSD Within A Stone Throw of Year Lows

 

The EURUSD has been in a relatively tight range over the last few days.  It has been difficult at best to trade due to wild spikes and declines resulting from news out of Europe.  Until a bit of clarity regarding the Greek situation is delivered I find it difficult to anticipate a marked move higher in the pair.  In the short-term, the pair is in a narrow range between 1.2750 and 1.2665.  A break to the downside expose the year to date lows at 1.2625.  A confirmed break of this level could open up the door for a move towards 1.20.

Sup      1.2665                 1.2625

Res      1.2750

 

GBPUSD Down 300 Pips in Three Days

The GBPUSD fell once again today in European and New York trading.  News flow out of the UK has not been kind to the pair over the last few days.  Combined with the overall risk of sentiment the pair has dropped over 300 pips.  Resistance is currently at past support at 1.59.  Two support levels are clustered around the current price.  The first is daily price support at 1.58, price action has rebounded of this level multiple times.  The second is the 50 fib from the January year lows at 1.5766.  These two prices create a strong support zone between 1.58/1.5766.

Sup     1.58/1.5766

Res     1.59

AUDUSD Stuck in a Wedge

Today was a scalpers dream in the AUDUSD.  The pair bounced between the .9950 and .99 zone throughout European and New York Trading.  Heading into the New York close the cross is approaching .99 once again. The whipsaw price action has been created by the colliding of two strong price currents.  The AUDUSD has been unable to break the grips of the trend line that has been guiding it lower since the 1.0460 region.  The pair broke  above the line multiple times over the last 24 hours but has never finished a  4 hour bar above it.  Supporting the pair is daily price support at .99 and more importantly year to date lows at .9860.   A  break of the .99/9860 price zone would open up the way for a move down to .9670.

Sup      99/9860

Res      .9840(TL)    .9865

NZDUSD Stuck in a Range

The NZDUSD has been trading in a narrow range over the last two days.  The high of the range is at .7770 and the low is .7620.  A test of the top of the channel resistance in the near future could jumpstart price action.

Sup     .7620

Res     .7700

The USDCAD This could be the start of something

 

The USDCAD broke higher once again on Thursday and now appears to have a bit of momentum.  The pair broke above the 1.0050 level in late Tuesday trading but consolidated its gains until breaking higher today in New York.  At the Close of trading in New York the pair is challenging daily price resistance at 1.0175.  a break of this level could expose the 1.03 area.  Resistance is still a past support at 1.0050.

Sup     1.0050

Res     1.0175           1.03

USDJPY Back in Intervention Country

 

The USDJPY took a wild ride with Mr Toad today.  In Early New York trading it appeared the cross had established a break of the channel that has carried it lower since the 84 or level.  Then disappointing data out of the US pushed the pair down aggressively, catching stops along the way.  Support can now be found at the .618 fib from year highs at 79.13 and resistance is at the trend line around 80.  The USDJPY is now once again entering the zone were shorting the pair could be considered dangerous due to possible intervention.