The last two days of trading have been a wash.  Most of the majors are right where they began the week.  The exception to the rule is the USDJPY which moved higher today after a ratings downgrade from Fitch.  If this pair can hold onto its gains it could pickup momentum from this point.  All eyes will be on the Bank of England minutes in early European trading.  The cross is sitting on the 50 Fib heading into the New York close a hold of this level in early Asian trading and we could see a pop higher.  Other news of interest this evening is the JPY Rate Decision duw in early Asian trading.  As always keep your trades KEANE and play it safe.

 

EURUSD A Tale of Two Days

Consoidation has been the name of the game so far this week for the EURUSD.  The pair briefly touched price support at 1.2815 in late trading monday and has since been on a one way track lower.  Support is still just below at daily price support at 1.2645 and year to date lows at 1.2625.  If this zone is broken we could see a measured move lower into the 1.20 area.

Sup    1.2645/25

Res    1.2815

GBPUSD Bank of England Minutes on Tap

The GBPUSD fell in early European trading after the CPI report came in lower than expected.  The pair attempted to bounce in New York trading but couldn’t find much momentum.   All eyes will be on the Bank of England Minutes early Wednesday for any indication of further bond purchases.  Support can be found at the 50 fib from the Jan lows at 1.5767 and the daily low at 1.5730.  A break of this support zone could open the door for a move down towards 1.56.  Daily resistance can be found at 1.5835.

Sup     1.5767/1.5730

Res       1.5835

AUDUSD Back Below the Decending Trend Line

The AUDUSD has once again failed to gain any momentum after breaking through trend line resistance.  A 4hr close below the .9830 level would once again place the pair in its downward trend.  Daily price support comes in at .98 a break of that level exposes the .9665 zone.  Resistance begins at .99.

NZDUSD New Weekly Lows

The NZDUSD and AUDUSD seems to be highly correlated these days.  The pair broke above trend line resistance early in the week only to drop back into the mix.  Strong daily support can be found at .75 .  the pair has respected this level repeatedly in the past.  Below .75 exposes last Octobers low at .7375.   Resistance begins at .7675.

Sup     75

Res     76.75

USDCAD Stuck in a Groove

So far this week the USDCAD has been consolidating its gains from last week.  Until either the 1.0245 or 1.0135 level is broken the trend is you friend.

Sup   1.0245

Res   1.0135

USDJPY Shoots Higher on Downgrade

The USDJPY jumped higher after Fitch cut its credit rating from A+ TO A–.  This combined with internal pressures to intervene to ease stress on exporters could lead to a gradual move higher in the pair.  In the short-term resistance is at daily price support at .79 and resistance is just above at 80.60.

 

Sup   79

Res  80.60