Throughout the month of June the majors have been grinding higher against the dollar. Heading into this week of trading, many of the crosses are approaching key fib points and price levels. A break or hold of these levels will dictate price action this week. Similar to last week all eyes will be on the 1.26/2625 level in the EURUSD and the 1.0026 the 50 Fib in the AUDUSD. Most of the majors have been riding trend lines higher recently. Until these levels are broken the simplest approach will be to follow the trend. As always keep your trades KEANE.
The EURUSD followed a slow grinding path higher last week. Briefly touching key weekly support in the 1.26/.2625 area. Heading into next week this should once again be an area to watch followed by key Fib levels just above at 1.2667(.382 Fib) and 1.2784(.50 Fib). If the cross makes it to the 50 fib level sellers could be expected to emerge. At the start of the week support can be sound at 1.2440 and resistance is at .2550. With this cross it will once again be important to keep an eye on news out of Greece and Spain. Any new developments could send the pair flying in either direction.
.50 Fib 1.2784
.382 Fib 1.2667
GBPUSD FOLLOWING TREND LINE SUPPORT
The GPUSD has been following trend line support higher throughout the month. If the cross manages a break above the 1.56 level we could see a push higher to the .382 Fib at 1.5661 and then ultimately the .50 Fib at 1.5738. But this may be jumping a bit to far ahead. In the short-term watch the trend line for support. Which currently comes in around 1.5425 and resistance up at 1.56. Any move up to the 50 Fib could find sellers.
LOOKING FOR PARITY
TheAUDUSD is looking to settle around parity once again. The cross moved up aggressively last week to test the parity level once again. Just above this level we find the 50 fib from last months move lower at 1.0027. this creates a strong resistance zone between 1.0027/00. Any move into this area could attract sellers. But if the cross break above we could see a run towards the 1.0140 level. Support begins at .98.
TESTING THE .382 FIB
The NZDUSD broke above the top of a 15 minute triangle early in Friday trading and never looked back. If the pair can maintain it upward momentum into the start of next week we could see a test of the .382 fib and daily price resistance at .7752. Support can be found at the lower trend line around .7630 followed by daily price support at .76.
USDCAD CRAZY TRIP LOWER
The USDCAD is drifting lower with risk. The pair is nearing strong support at 1.02. This level depending on risk trends could attract buyers. Resistance begins at the upper trend line around 1.0350.
USDJPY UP UP AND AWAY
The USDJPY had been following trend line support higher throughout the month. As long as this trend line is respected the upward move will persist. Heading into next week trend line support begins at 79.30 and daily price resistance rest above at 80.15.