The EURUSD can't seem to find its balance and follow the other majors higher.  The AUDUSD and NZDUSD continues their accent higher Thursday and are near to erasing the entire decline from last May.  The EUR continues to make higher highs and lower lows but can't find firm traction.  A break in one direction or the other is near for this pair.   Heading into Asian and European trading on Friday any pullback in the majors against the dollar could find buyers heading into the end of the week.  Keep an eye on the acceding trend line in the AUDUSD if it is reached.    Data flow will be slow in Asia but picks up in Europe with the release of the EUR German Producer Price Index.  As always remember to keep your trades Keane and play it safe.

 

EURUSD FORMULA ONE STAR

 

The EURUSD was similar to a Formula One car today.  It started and finished in the same place .  The pair managed the track at a slow pace but still set daily records with new weekly highs and higher lows.  The cross has slugged higher throughout the week at a frustrating slow pace.  The cross is still capped by resistance at 1.2330 and support at the ascending trend line around 1.2225.  If the pair manages to race below the trend line support begins at 1.2150.

Sup       1.2225                     1.2150

Res       1.2330

Plan:  Not in a rush to move anywhere.  Looking for a break of trend line support or resistance.

GBPUSD STEADY CLIMBER

The GBPUSD showed its skill of accent today posting another weekly high.  The cross is now challenging the monthly high at 1.5720.  The pair closed near this level and may make another drive at it in Asian or European trading.  If this level break s the next resistance to watch is the 50 fib from the May lows at 1.5782.  A pullback at this point could find support at the .382 Fib at 1.5660 followed by daily price support at 1.5575.

Sup        1.5660              1.5575

Res        1.5720               1.5782

Plan:  Watching 1.5720 price level.

NZDUSD CRACKS ABOVE SUPPORT

The NZUDUSD followed its friend the AUDUSD higher on Thursday.  Breaking above strong daily resistance at .80 opening up the way for a test of the .8060 level.   If the cross manages to pass above this level the pair will be back in the consolidation zone the cross wandered in for over two months in the beginning of the year.  Resistance now starts at past support at .80.

Sup   .80

Res     .8060

Plan:  Waiting for a break of either support or resistance.

AUDUSD SLEEPS IN NEW YORK

The AUDUSD pushed higher once again on Thursday.  Most of the dirty work occurred during Asian and European hours.  The cross consolidated its gain for most of the day in New York .  It would be healthy for the pair to pullback at this point.  If it does is another question.  Any pullback to trend line support at 1.0350 could find buyer in the short-term.  Until the trend breaks The bias will be for a continued move higher.  Resistance is now at the peak of the decline from May at 1.0460.

Sup          1.0350

Res          1.0460

Plan:   Looking for a pullback towards the trend line

USDCAD .618 Fib or Bust

The USDCAD has slowly been strengthening throughout the week.  The pair has a few things in its favor.  The Canadian government is raising interest rates and oil has been jumping higher.  These two factors  should lead to a stronger Loonie.  The next level of support is at the .618 fib at 1.0050.  I would expect any pullback towards the 50 Fib at 1.0123 to find willing sellers.

Sup             1.0050

Res              1.0123

Plan:  A pullback could be buying opportunities.

 

USDJPY MAY BE  DEAD

The USDJPY barely moved on Thursday.  The cross stayed within a 25 pip range.  The pair rested at daily price support at 78.60.  So really my analysis is exactly the same as Wednesdays.  78.60 could act as a pivot.  A break above this level could lead to a move towards 79.15 a break below and a test of support at 78 could be in the cards.  I would be hesitant to short this pair at these levels due to the possibility of intervention.

Sup   .78

Res   79.15

Follow Christopher Keane from a Keanepointofview.com on twitter at The Keane @ chrisfkeane.