Keane Insight’s … Tuesdays Trading Plan

The majors rebounded against the dollar in North American trading.  To start the week off most of the majors pushed lower against the dollar with negative news out of Europe.  Then QE fever struck again.  The USD Retail Sales Report printed lower than expected and helped fan the QE fire once again.   Heading into Asian trading all eyes will be on the AUDUSD.  The pair is testing channel resistance and could see a bit of volatility with the release of the AUD Reserve Minutes.  GBP CPI  estimated at 2.8% and the German ZEW survey are both due out in European trading.  As always remember to keep your trades KEANE and play it safe.

EURUSD  Breaks Trend Line

The EURUSD twisted and turned as the trading day drifted along. The pair drifted lower throughout most of Asian and European trading. The Germain high court announced they would delay the vote for eight weeks on the European Stabilization mechanism and rumors circulated regarding bond loses. When North America entered the dance everything changed. Retail Sales was lower than expected. This helped the majors pop against the dollar due to expectations for further QE

From a technical standpoint the pair is a rather tight range. Strong daily support tracing back to the 2011 lows rest at 1.2150. Resistance begins at the weekly high at 1.2270 followed by the top of the range at 1.2330. On the data front the German Zew Survey is due at 9 GMT.

Sup 1.2270                1.2330

Res 1.2150

GBPUSD PUSHING RESISTANCE

The GBPUSD pushed higher in North America with recession fears sparking expectations for further QE. The cross has moved up firmly and is closing in on the .382 Fib from the May lows at 1.5660. this level combined to daily price support at 1.5650 creates the resistance zone the pair is currently testing. Support begins for the pair at 1.5575. CPI is due in early European trading Tuesday. Expectations are for a reading of 2.8%.

Sup 1.5575

Res 1.5650/60

AUDUSD RESERVE BANK MINUTES ON TAP

 

The AUDUSD is trying to break above channel resistance at 1.0240. A break of this level would knock the cross out of the descending channel it has been following over the last few weeks. In early Asian trading the Reserve Minutes are due to be released. This report could add a bit of clarity to the central banks future plans. If the cross closes firmly above trend line resistance we could see another move up towards the 1.0325 resistance zone. Support now begins at 1.0180.

 

Sup 1.0180

Res 1.0350

 

NZDUSD COMFORTABLE AT THE MOMENT

NZDUSD

 

The pair managed to move higher with the majors against the USD in North American trading. The cross is now firmly once again in the range it has spent the majority of the month in. Resistance begins at .80 and support is at .7930. A break to the top exposes .8060 and to the bottom targets .7840.

Sup .80

Res .7930

USDCAD STUCK IN A FIB

The USDCAD has traveled in a 30 pip range over the last 24 hours. The pair seems to be comfortable in its range between fib levels. The top of the range is created by the .382 fib level from the May lows at 1.02. The bottom of the range is created by the .50 fib from the May lows at 1.0123. Playing the range is the plan until it breaks.

Sup 1.0123

Res 1.02

USDJPY BREAKS SUPPORT

The JPY finally made the push and moved below daily support at 79.10. This level had supported the cross over the entire month. Support can now be found a bit lower at 78.60 and resistance is at past support at 79.10.

Sup 78.60

Res 79.10

 

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