It was a tricky day to trade in North America.  Choppy price action into the US open whipsawed many traders.  For those who had their stop wide enough the trend did prevail and the majors continued to move higher against the dollar.  Heading into Asian trading the pair to watch is the GBPUSD.  The cross is testing the top of an hourly triangle that has contained price action over the last week.  If we break above this level we could see a run at the 50 fib around 1.5783.   The USDCAD is also in an interesting position.  A break of daily price support at 1.0260 could lead to another test of 1.02.  The major data releases tonight to keep your eyes on are JPY Machine Orders and EUR CPI.  These reports should not influence trading to any extremes so risk trends should be monitored.  As always keep your trades KEANE.

 

DAILY SUPPORT IS BEING SUPPORTIVE

As long as the EURUSD remains above support at 1.2440 the pressure will remain to the upside.  Negative news today in New York wiped the cross around but did not find traction to the downside.  A move above daily support at 1.2530 could lead to a pop higher up towards the .382 fib at 1.26673.  Trend line support above that level around 1.2730 should cap any rally.  A move below 1.2440 could lead to a test of the monthly lows at 1.23

Sup  1.2440                       1.2385                         1.23

Res   1.2530                       1.2667

USDGBP FINDS ITSELF IN A TRIANGLE

The GBPUSD is testing the top of a triangle on the hourly chart.  A break and hold above trend line resistance around 1.5570 could lead to a test of 1.56 and then the .382 fib from the may lows at 1.5661.  If the pair reject at resistance we could see a run down to the bottom of the triangle around 1.5460.  Let the market tell you the direction and follow the momentum.

Sup     1.5460

Res    1.5570                1.56                     1.56629 (.382 Fib )

AUDUSD CLIMBING HIGHER

The AUDUSD has been resilient in its mission to push higher.  As long as the cross remains above .9850 another test of parity and the 50 fib at 1.0027 could be in the cards.  Support begins at the descending trend line around .9860.

Sup     .9860

Res     1.00/0027

NZDUSD THE TREND LINE IS YOUR FRIEND

the ascending trend line is the key for the NZDUSD.  The cross has been drifting higher bouncing of the same trend line throughout the month.  As long as the pair remains above trend line support at .77 we could see a run up to the .78 level.   A higher high could be in the cards before another test of support

Sup  .77

Res  .78

USDCAD A BOUNCY TRIP LOWER

The USDCAD has been trending lower since attempting to pop above the 1.03 level.  The cross is currently riding trend line resistance lower focusing on a break of the daily price support at 1.0260.  If this level is pierced we could see once again another test of the 1.02 level.

Sup    1.0260

Res    1.03

USDJPY CHANNELING IN A NARROW RANGE

The USDJPY has been trading within a very narrow range since breaking through trend line support at 79.50.  The cross will have to either break above or below support at 79.80 and resistance at 79 to establish a sense of direction.

Sup  79.15/00

Res  79.80