Keane Insight’s ..A rundown of the Majors and Tuesday’s Trading Plan

It was the day of the bounce.  the majors gained a bit of traction on Monday and skipped of major support and resistance zones.  The question that remains is exactly how far these pairs could bounce.  Heading into Tuesday's trading a few pairs appear to be stuck in ranges that could be played in the short-term.  Playing the range in the USDCAD USDJPY and NZDUSD for scalps could be the plan until proven otherwise.  As For the EURUSD if the cross could push towards the 1.24 area sellers could emerge.  Data flow is light in Asian and European Trading.  The only interesting piece of information is the Chinese Trade Balance Report at 2:00 ET.  As always remember to keep your trades KEANE and play it smart.

 

EURUSD BOUNCED FROM SUPPORT

The markets where down on Monday but EURUSD still managed to bounce a bit following last Thursday and Friday’s decline.  The pair has managed to claw back above support at 1.2285.  As long as the cross remains above this level a push towards 1.24 could be in the cards.  If the EURUSD makes it up to the 1.24 level sellers could re-emerge.  A confirmed break of 1.2285  would initial target trend line support around 1.22.

Sup  1.2285                  1.22

Res  1.24

Keane Insight:  As long as the pair is above. 1.2285 we could see a move up towards 1.24.  Any move to this level could find sellers.

GBPUSD SUPPORT HELD

 

The GBPUSD consolidated around the 1.5475 support level and has finally decided to bounce higher.  As long as the pair is above this level we could see a scaled move higher towards the 1.56 level.  Mid term resistance may surface around 1.5550.  If  the cross breaks below 1.5475 a move down towards 1.54 could be in the cards.

Sup    1.5475                   1.54

Res    1.5550                   1.56

PLan:   Above 1.5475 targets 1.56.

AUDUSD WON"T BACK DOWN

The AUDUSD has been very resilient over the last week.  As the other non commodity majors have been aggressively moving lower this pair has remained above its ascending trend line and could look to bounce higher with any rally in risk.  Support for the pair begins at the acceding trend line around the 1.0155 area.  As long as the pair remains above this level the momentum is pointing higher.  The first level of resistance begins at 1.0220.  If this level is snapped it will become support and the next objective would be the last week highs around 1.0330.

Sup    1.0155

Res    1.0220               1.0330

Plan:  Looking for a move higher first target is 1.0220  followed by 1.0330.

NZDUSD THIS PAIR ISN"T FIBEN AROUND

Similar to the AUDUSD the NZDUSD has fought to retain its ground as of late.  The cross has been resilient in spite of poor European,  USA, and now Chinese Data.  Data out of Asia this week could paint the near term picture for this pair.  Heading into the end of last week the cross tested past resistance turned support at the .618 fib at .7942.  The pair managed to rebound at this level and could be showing signs of being in a range.  The top of the range is at .8060 and the bottom is at the 50 Fib from the May lows at .7850.  As long as the pair remains between these levels the .618 fib could act as a pivot for bounces towards the top or bottom of the range.

Sup     . 7850/40

Res      .8060

Pivot   .7940

Plan:  Play the Range

USDCAD NICE RESISTANCE ZONE ABOVE

The USDCAD is in a very nice trading area.  All of the price action has been maintained within a tight fib range through out the month.  Creating solid support and resistance zones.  Resistance in the cross is created by the .382 fib from the May lows at 1.02 combined with past support turned resistance at 1.0230.  Support is at the 50 fib from the May lows at 1.0120.  The range is your friend until it is broken.

Sup     1.0120

Res    1.02/.0230

Plan:  Play the range.

USDJPY YOU HAVE HEAR THIS STORY BEFORE

 

This pair  is stuck in a moment.  It appears that investors are happy parking cash in this cross and waiting out the troubles around the world.  For the last few weeks a narrow range has dictated all price action.  The top of the range is up at 80.00 and the bottom is down at 79.20.  That’s all that needs to be said.

 

Sup  80.00

 

Res   79.20

For access to all current trades and charts  http://wp.me/P2pFeJ-1IT  .

 

 

 

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