The Majors broke higher and finished near there highs against the USD once again, in New York trading Wednesday. The AUDUSD lead the charge consolidating throughout European and Asian trading to crack above resistance at 1.0325 once New York trading began. Heading into Thursday trading I will be watching triangles that have formed on the hourly charts in the EURUSD and GBPUSD. A break of these triangle could indicate which way the pairs will trade heading into the end of the week. Another pair of interest in the NZDUSD. This cross is testing the daily price resistance that has contained it for the last few weeks. The NZD also will dominate a rather light news feed on Thursday with the release of Business Confidence and Job Adds. As always remember to keep your trades KEANE and play it safe.
EURUSD Another Higher Low
The EURUSD made another higher low on Wednesday. The cross appears to be in a triangle on the 1 Hr chart and may consolidate in the near term. A break from the triangle to the top or bottom will most likely lead to a test of either the support or resistance of the current range. Range support is at 1.2150 and resistance is up at 1.2330. The pair has been trending sideways in this range for almost two weeks.
Sup 1.2150
Res 1.2330
GBPUSD DRIFTING SIDEWAYS IN A TRIANGLE
The GBPUSD has drifted sideways over the last three days. the volatility in each cycle has become more and more compact. Thus we are left with a triangle. The top of the triangle is created by the descending trend line and the .382 fib at 1.5660. This level combined by daily price resistance just above at 1.5675 creates a strong resistance zone. The bottom of the triangle rest at 1.56. Below this level daily price support can be found at 1.5575. If either of these levels give we should see a move away from the current range.
Sup 1.5660/75
Res 1.56/5575
Plan: Waiting for a break from the triangle.
AUDUSD BREAKS MAJOR RESISTANCE
The AUDUSD managed to break above major price resistance in New York trading after drifting sideways for the majority of Asian and European trading. The next major level of resistance does not occur until the 1.0460 level. Support is now at past resistance at 1.0325 followed closely by the acceding trend line the pair has been riding higher around 1.03. Until the pair breaks the ascending trend line the path of least resistance is higher.
Sup 1.0325 1.03
Res 1.0460
NZDUSD PLAYS BOTH SIDES OF THE RANGE
The NZDUSD pushed boldly from the lows of its range to the top in North American trading. The pair followed risk higher as the AUDUSD pushed to new weekly highs. The cross is still in a range and until the range breaks playing the inside is my plan. If the pair breaks above or below the range resistance rests at .8060 and support is at the.382 fib from the May lows at .7877
Sup .7930
Res .8000
USDCAD BREAKS THE 50 Fib
The USDCAD has broken below the 50 fib from the May lows at 1.0123 but is finding support at the monthly low at 1.01. The Canadian government suggested today that they may be ready to begin tightening interest rates. If they follow through with this action we could see a drift lower towards .99 or .98 area in the pair over the next few months. But in the short-term 1.01 is support followed by the .618 fib at 1.0047. Resistance is at past support at 1.0123.
Sup 1.01 1.0050
Res 1.0123 1.02
USDJPY NEW WEEKLY LOWS
The USDJPY continues its very slow decent that it has followed over the last two weeks. The pair creates another lower low today in New York Trading. Support begins at 78.60 and resistance is at past support at 79.15.
Sup 79.15
Res 78.60
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