It has been a one way highway higher for the majors this week.  The pairs have pushed up day after day with little to no retrace.  Markets appeared to be set to range trade in New York on Thursday until rumors of a possible coordinated injection of capital by central banks after the Greek elections pushed the majors higher once again.  Heading into Asian trading there are a few important fib levels to watch.  The EURUSD is approaching the .382 fib level and a break above could expose the 50 fib at 1.2784.  The AUDUSD is testing the 50 fib at 1.0027, a break of this level could expose 1.0470.  News flow is light begins in Asia tonight with the release of the JPY Rate Decision.  followed by the GBP Visible Trade Balance Report during European trading.  Keep your eyes open for any news regarding the upcoming Greek elections and intervention rumors.  As always play it tight and keep your trades KEANE

EURUSD LOOKING FOR A RETRACE THEN A BOUNCE TO THE .382 FIB

 

The EURUSD has traded in a narrow range over the last 24 hours.  The cross has moved up to tested resistance at 1.2610.  As long as the pair does not mount a rally above this level a pullback to range support around 1.2550 could be in the cards.  Below this level trend line support from the month lows rest around 1.2525.

Sup    1.2550               1.252

RES 1.2610              1.2667 (.382 Fib)

 

The GBPUSD has ridden an ascending trend line higher throughout the month.  The cross briefly broke below the line in European trading put could not gain momentum lower.  The pair is once again resting at trend line support at 1.5520.  I would look for a confirmed 4hr break of support before shorting the cross.  If the GBPUSD manages to rally from this level we could see a move up towards 1.56.  It should be noted the pair did not rally with risk in New York.

Sup    1.5520           1.5470

Res    1.56

AUDUSD TRADING IN A TIGHT RANGE

This pair has been less than exciting to trade over the last two days.  the cross is stuck in a range and may very well remain within it for the remainder of the week.  The top of the range is at the combo of parity and the 50 fib from the lows at 1.0027.  Support is at daily support at .9920.

Sup       .9920

Res        1.00/27

IN AN ASCENDING WEDGE

The NZDUSD pushed higher to test ascending trend line support in New York trading.  As long as the pair remains below trend line resistance we could see at test of support around .7750.  The .7750 level is created by ascending trend line support and the .382 fib from the May lows.  Play the range until it proves you wrong.

Sup  .7750

Res   .7820

USDCAD GOING NO WHERE FAST

The USDCAD is trading in a narrow range.  The cross broke trend line resistance on Wednesday but could not establish any traction from the move.  the top of the range is at 1.0325 and the bottom is around 1.0240.

Sup     1.0240

Res     1.0325

USDJPY ON HOLIDAY ONCE AGAIN

This pair is not is a rush to go anywhere. The cross has ranged within a narrow channel over the last few day.  The top of the range is at 79.80 and the bottom is down at 79.15.

Sup      79.15

Res      79.80