I t was a slow and winding trading day in North America with most of the majors unwinding after solid moves in European trading.  News flow will finally start to pick up this week on Wednesday starting with the releases of the AUD GDP report at 1:30 GMT.  Followed by the EUR GDP and EUR Central Bank Rate Decision.  Heading into Asian and European trading I will focus on the AUDUSD for any indication of direction after GDP.  A solid break of .98 could change momentum to the upside.  While a push below .97 could lead to a test of .9580.  I will also be watching the triangle in the GBPUSD and the descending trend line in the USDCAD.  As always everyone keep your trades KEANE and play it safe.

 

EURUSD NEWS ON TAP

The first two days of the week have been rather dull.  But starting on Wednesday the big boys will back in the game.  News flow from the EURUSD will kick things of Wednesday morning.  At 9:oo GMT the Euro GDP will be announced followed at 11:45 by EUR Central Bank Rate Decision.  The EUR rate decision press conference could be full of surprises so traders should keep their head on a swivel.  Heading into Asian and European trading the Euro should be range bound.  The top of the range is at 1.2540 and support is down at 1.2385 followed by 1.23.  A push up to the 1.2540 area could attract seller.

Sup   1.2540

Res   1.2385

GBPUSD  GET BACK TO WORK

The GBPUSD moved down aggressively with risk in early European trading.  The pair manages to rebound a bit  in North America.   Any move higher could find seller ahead of the BOJ rate Decision on Thursday.  It is expected that further QE could be announced.  If the cross moves up to the 1.54/5440 zone sellers could emerge.  Resistance begins at 1.5320 followed by 1.5230.

Sup  1.5320

Res  1.54/40

AUDUSD GDP ON THE WAY

The AUDUSD dropped after  interest rates were cut by .25 BP in Asian trading.  Expectations varied with economist predicting anywhere from a 0 to .50 BP cut.  The result was a short-term spike up to the .98 followed by a steep decline.  The cross managed to move up and test the 50 fib from .98 in North America but could not find any real traction.  Heading into Asian trading news is once again on the radar.  AUD GDP is due at 1:30 GMT.  This number will be closely watched as a gauge for the entire Asian regions strength.  Resistance is at .98 and support begins at .97.  Any move up to .98 could find seller.

Sup    .98

Res     .97

NZDUSD IN A TRIANGLE

The NZDUSD is bouncing around in what looks to be a narrowing triangle.  A break of either the top or bottom of the range could lead to a push towards near term support levels.  Triangle trend line resistance is around .7580 and support is down near .7535.  Daily price actions support is at .75 and resistance is up at .76.

Sup     .7535           .75

Res     .7580           .76

USDCAD IN A WEDGE

Daily Trading Plan for the USDCAD

USDCAD IS IN A WEDGE

The USDCAD could be in the process of forming a wedge.  The pair has formed lower highs throughout the week with 1.0360 as its base.  Trend line resistance can be found at 1.0420.  Daily price resistance is a bit higher at 1.0450.  A break of 1.0360 could produce a test of 1.0310.

Sup  1.0360

Res  1.0420

USDJPY JUMPED HIGHER

The USDJPY jumped higher in early New York trading to challenge the 79 level.  The cross has slowly been moving up this week but could run into headwinds with data release beginning in European trading this evening,  Support can be found at .78 followed by resistance around .79.

Sup  .78

Res   .79