Another day and another sell off of the majors against the dollar.  When the bleeding will stop it is hard to tell.  More and more uncertainty is showing its head out of Europe every day.  Today troubles in Spain where responsible for the fall.  The question is where will the next stone come from.  Heading into Asian trading all eyes should be on the EURUSD as it battles with the 1.272 fib level.  A break of this price and we could see another wave of selling.   The USDCAD  is also testing the 1.03 resistance level.  A break in one of these levels will most likely coincide with the other.  Data flow is strong this evening.  Starting in Asia with the release of the NZD Business Confidence report, JPY Industrial Production And GBP Consumer Confidence.  In Europe all eyes will be on the CHF GDP and EUR Unemployment report.  As always remember to keep your trades KEANE and play it safe.

 

EURUSD Another Day Another Low

The EURUSD has its game face on.  It’s not asking questions just taking names.  The pair broke lower once again in New York to test the 1.272 fib from last January’s lows at 1.2388.  If this level doesn’t provide a bit of support there is a lot of air below.  The next major level of support doesn’t arrive until 1.2150.  Resistance is up at 1.25 level.

Sup    1.2388

Res    1.25

Plan   Standing aside at the moment.  To late to chase and bounces have proven elusive.  Re-evaluate in Asia.

 

GBPUSD Testing March Lows

The GBPUSD pushed lower today with the EURUSD after Spain’s credit rating was lowered.  The cross briefly tested the March low’s in the 1.56 area.  Support can be found at 1.56 and resistance is up around 1.5715.  Below 1.56 solid support isn’t apparent until the 1.54 zone.  Any moves up past 1.5715 towards 1.5835 could find sellers.

Sup  1.56

Res  1.5715

Plan:  Waiting for a bounce to short into.  Any move past 1.5715 could produce a short squeeze.

AUDUSD Heading Towards Its Support Zone

 

The cross tumbles lower with risk in early New York trading.  The pair appeared to be ready to break higher heading into New York only to fall lower with risk.  The AUDUSD has trend line support at .9710 shortly followed by a resistance zone between .9680/.9665.  A move down to this level could attract buyers.  Resistance is up at .98.

 

Sup    .9690

Res     .98

NZDUSD Below Yearly Trend Line

The NZDUSD broke below daily and yearly trend line support on Wednesday.  a hold below these levels could open up the pair for a test of .7460.  Before that level can be reached support at .7520 would have to be broken.  Resistance now begins at .76 followed by .7650.

Sup   .7520         .7460

Res   .76               .7650

USDCAD Testing Key Resistance

The USDCAD broke higher today key resistance at 1.03.  A break of this level could expose resistance at 1.0420.  Support is still strong at 1.02.

Sup  1.03

Res  1.02

USDPY Breaks Out of Triangle

The USDJPY broke out of the triangle that has contained it.   The cross is currently testing support at 79.  A break of this level could expose the 78.20 level.  resistance is still up at 80.15.

 

Sup      79                         78.20

Res       80.15