Risk on finally showed it face Monday and gave the majors a bit of well needed rest.  The AUDUSD produced the biggest bang for its buck today breaking above trend line resistance at .9865.  Heading into Asian trading all eyes will be on the EURUSD resting at price resistance at 1.2815.  A break of this level and we could see a run towards the 1.29 area a rejection here and the cross could push back down towards 1.2650.  Data flow begins with the Reserve Bank of New Zealand Inflation Expectations Report.  This data will be keenly watched because the NZDUSD is pushing on trend line and price resistance as of the New York close.  Other data of interest in European trading is the GBPUSD CPI and Net Borrowing report.  As always remember to keep your trades KEANE and play it safe.

EURUSD Consolidated Into the Weeks Open

 

The EURUSD gapped up to open the week on Sunday and promptly closed the gap on Monday.  The pair drifted higher in New York to about the midpoint of its opening range.  Looking at the bigger picture.  It appears the pair may be in a range for the beginning of the week baring any surprises from Greece or Spain.  Support is created by daily price support at 1.2650 and the year to date low at 1.2625.  Resistance is created at the .382 from the may 1 highs at 1.2886 and the 1.29 price level.  This creates a range between 1.29/1.2885 and 1.2650/25.  The 1.2815 level could act as pivot in the mean time.  Look at this range levels as possible entry points.

Sup  1.2625/25

Res  1.2886/1.29

GBPUSD Waiting on the News

The GBPUSD started the week in a rather narrow trading range.  The pair has a bit of news ahead of it that may have traders sidelined.  On Wednesday the Bank of England Minutes will be released and on Tuesday CPI and Net borrowing reports are due.  In the meantime support can be found at the 50 fib from Jan lows at 1.5766 followed by daily support at 1.5730.  Daily resistance rest at 1.59.

Sup      1.5766/30

Res       1.59

AUDUSD Trend Line Break

In late New York trading the AUDUSD gained the strength to break above he trend line that has contained its fall from late April.  The pair is currently resting near price support at .99.  A break of this level exposes the .9965 level.  A drop back and retest of the trend line at .9860 could attract buyers.  Below that level daily support can be found at .98.

Sup   .9860          .98

Res    .99              .9960

NZDUSD Near It's Channel Top

The NZDUSD bounced of the bottom of its channel on Friday and is now approaching the top.  The pair is making a run at channel top and daily price support at .7650.  A break of this level and similar to the AUDUSD the pair will have broken above the trend line that has guided it lower since late April.  Support can be found 150 pips lower at .75.  In early European trading the Bank of New Zealand Inflation Expectation Report is due.

Sup    .7650

Res    .75

USDCAD Bounced at Resistance

The USDCAD moved up to test resistance today before giving in to a risk on environment and retracing on Monday.  Resistance can now be found at the daily high at 1.0245 followed by daily price support at 1.03.  The first level of support can be found at 1.0135 followed by 1.0050.  A significant pullback into the 1.0135/1.00 area could find buyers.

Sup      1.0135                 1.01

Res     1.0245

USDJPY Stuck in A Range

The USDJPY  consolidated in a narrow range over the last few days.  Until this range is broken direction is unclear.  Support is at .79 and resistance is just above at 79.40.

Sup     79

Res     79.40