The EURUSD and GBPUSD moved down aggressively against the dollar in North American trading. Commodity currency spiked lower in New York but recovered most of their losses before the close. Heading into Asian trading pullback to support or resistance could be considered opportunities to go long the dollar. News flow is strong this evening starting with the release of the JPY Monthly Report followed by CNY China Manufacturing. In Europe all eyes will be on the GBP GDP report. remember to keep your trades KEANE and play it safe.
The EURUSD made another aggressive move lower today in New York. The pair moved down to make new lows for the year and may be on its way to test the 1.2480 level. similar to last week the pair has been on a steady march lower. In the long run the cross could be on its way to the 1.20 zone. Resistance is now at past support around 1.225. A move up to this level could attract seller.
Sup 1.2480 1.2390
Res 1.2625
GBPUSD in No Man's Land
The GBPUSD may be entering a chop zone. The pair consolidated 1.60 and 1.56 for over four months before popping higher last April. The first level of support I am keeping my eyes on is 1.56 followed by 1.55. In the short-term I would be looking for pullback to short into . A pullback to the weekly high around 1.5835 could find seller.
Sup 1.5600
Res 1.5835
AUDUSD Rebounds into the New York Close
The AUDUSD is pulling together an impressive bounce into the New York close. At this point the cross is basically unchanged for the day. Heading into Asian trading resistance begins at .98. Sellers may see this as another opportunity to short the pair. Resistance is at last November’s lows at .9665.
Sup .9665
Res .98
NZDUSD Bouncing of Support
The AUDUSD and NZDUSD are tightly correlated as late. Both pairs rebounded sharply into the New York close. The NZDUSD is once again the pivotal 75 level. If the pair can remain above this price we could see a squeeze higher. Daily resistance rests at the .7675 level.
Res .7675
Sup .7450
USDCAD Fades into the close
The USDCAD spiked higher above the 1.0250 level in New York only to give back its gains into the close. The pair closed the day back below the 1.0240. A hold below this price and we may see a re test of support at 1.0135. A break and hold above 1.0240 and we could see a test of resistance at 1.0315.
Sup 1.0135
Res 1.0315
USDJPY Resting at its Pivot
The USDJPY once again failed to gain any momentum from Tuesdays gains. Price action around the 79.40 has been pivotal this week. A hold above this price and we could see a retest of the 80 level. A break below and resistance at 79 could be tested.
Sup 80.60
Res 79 Pivot 79.40
Watch Currency Wrap a quick market shot and trading plan for tonight Asian and European markets http://wp.me/p2pFeJ-1wn
