Most North American traders spent the majority of the day anticipating the release of the FOMC minutes in afternoon trading.  The release initially lead to a decline in the markets but the loses were short-lived.  When the dust settled most pairs finished the day about where they were prior to FOMC.  Now the only thing to do is look ahead to the next catalyst.  The AUD employment report fits the billing nicely.  A surprise in this number to the upside or bottom could give this market the nudge it needs.  A miss to the downside depending on the severity could nudge the AUDUSD below trend line support and the NZDUSD below daily support.  A positive surprise could lead to an overall risk on environment that could move the majors higher.  I will see everyone in Asia and remember to keep your trades Keane.

EURUSD Another DAY and Another Year Low

The EURUSD posted another year to date low Wednesday in North American trading.  The cross has been slowly gliding lower over the last few days.  The next level of support starts at 1.2150 and resistance begins at the descending trend line at 1.2280.  Over the last four days the cross has dropped a total of 50 pips.  So the decline has been nowhere near spectacular.  If a risk on environment slices into the market a rebound could be due.

Sup               1.2150

Res               1.2280

Plan:  Standing aside at the market.  Looking for a tradable setup.

GBPUSD At Trend Line Support

The GBPUSD broke higher in Asia today to test daily price support at 1.5575.  The pair then made a hasty retreat in North American trading.  The ascending trend line has capped declines for the last week and the pair seems content to drift ahead of data next week.

Sup           1.5490                   1.5460

Res           1.5575

Plan:   Range trading

AUDUSD ALL EYES ON THE EMPLOYMENT REPORT

All eyes will be on the AUDUSD employment report in early Asian trading Thursday.  Expectations are for a zero print.  If this number disappoints the pair could move down with a general risk off mood.  If the cross beats expectations we could see a rapid move higher to test resistance starting at 1.0325.  Above this level the next major level of resistance is at 1.0460.  Support is still at the ascending trend line that the pair has ridden higher throughout the recent accent , currently around 1.02.   A break below 1.02 could expose a move down towards parity.

Sup    1.02

Res    1.0325                 1.0460

PLAN:  Wait for jobs report.  Sell a weak number and buy a strong one.

NZDUSD REBOUND

The NZDUSD rebounded after dropping sharply following the release of the FOMC minutes.  The cross is still trading in a narrow range.  The release of the AUDUSD employment report might be just what the doctor ordered to shack this pair loose.  The top of the range is at .80 and the bottom is just below at .7925.  If the cross manages to break above the top of the range resistance can be found at .8060 and strong daily support can be found below the range beginning at .7840.

Sup      .800                  .8060

Res      .7925                  .7840

Plan:  Wait for AUD Employment Report and play a range break

USDCAD STARTD THE DAY WHERE IT BEGAN

 

The USDCAD looked left and then right, and decided that at likes where it is at.  Strong daily support is down at 1.01 for the pair.  Resistance is at 1.0230.  If the pair can break above the 1.0230 level, a push towards 1.0350 could be in the cards.

Sup   1.0230

Res   1.01

USDJPY WHAT A FIRECRACKER

The USDJPY slowly drifted lower over the last few days.  At some points it was possible to forget about the pair all together.  Then at the open of trading today the Tiger came alive after briefly touching price range support at 79.10.  The cross moved 60 pips higher to settle near the top of the range at 80.  Until this range is broken the only thing to do is play the highs and lows.

Sup    80

Res    79.10

For access to all current trades and charts http://wp.me/P2pFeJ-1IT  .  To follow on twitter look for THE KEANE @chrisfkeane