Keane Plan…Tuesday’s Trading Plan
2012
Today didn't happen. You may have watched the markets trade but in reality very little occurred. volatility may remain on hold until Wednesday. When things may spark up with the release of FOMC minutes from the August meeting. In the short-term playing the markets is truly an act in patients. Heading into Tuesday trading the economic calendar is thin once again except for the release of the AUD Reserve Bank Board Minutes. This could spark a bit of movement in the AUDUSD which is sitting near channel support at 1.0405. A move down to this level could find buyers. Any volatility in the AUDUSD could push the NZDUSD a bit. Watch the .8035 level for support. As always keep your trades KEANE and play it tight.
EURUSD POSTED A LOWER HIGH
The EURUSD walked a tight line last week. The cross continued that path once again on Monday. The Fib levels from the squeeze higher in the beginning of the month are still providing support levels. The cross bounced twice of the .618 fib at 1.2250 and once of the 50 fib at 1.2290 last week. Heading into Tuesday, daily support begins at 1.2240. This level was last weeks low and a break of this price could expose the 1.2130 level. Resistance begins at the consolidation high at 1.2380 followed closely by 1.2440.
Sup 1.2240
Res 1.2380
Keane Plan: Looking for a break of support or resistance.
GBPUSD STILL PLAYING A FIB GAME
The GBPUSD continued it slow ways into the beginning of the week. The pair is still playing the fibs. Support begins at the .382 fib from the May lows at 1.5660 and resistance begins at the 50 fib at 1.5782. The 50 fib has remained elusive so far in this pair. As long as the pair remains above the 1.5660 the 50 fib is still in play.
Sup 1.5660
Res 1.5735 1.5782
Keane Plan: Looking for a test of 1.5660 for a push higher.
AUDUSD TRYING TO HOLD SUPPORT
The AUDUSD consolidated above channel support throughout the day. The cross is pushing lower towards the channel support that has held the pair for almost two months. Channel support currently rest around 1.0375. A hold below 1.0430 could lead to a test of this level. A bounce at 1.0430 could lead to a run back towards resistance at 1.0530. The Reserve Bank Board Minutes are due to be release at 1:30 GMT Tuesday. This data could spark a bit of volatility.
Sup 1.0430 1.0375
Res 1.0530
Keane Plan: Looking for a test of channel support for a bounce
NZDUSD SKIPPING ALONG SUPPORT
The NZDUSD remained above the .8060 leve once again Monday. The pair could not muster up enough support for a push up towards the .82 level. The cross may remain in holding pattern until the middle of the week. The plan still remains the same. As long as the cross remains above the .8060 level a push higher towards .8235 could be in the cards.
Sup .8060
Res .8235
Keane Plan…Looking for a bounce at support
USDCAD CONSOLIDATION
The USDCAD consolidated for the majority of the day Monday. Support can be found at last weeks low at .9860. Past channel support could now act as resistance around .99. A break back into the channel could lead to a pullback towards parity.
Sup .9860
Res .99 1.00
Keane Plan: Looking for a pullback to sell into.
USDJPY STOPS TO CATCH ITS BREATH
The USDJPY is trading in a pure fashion. The cross is moving higher as investors are peeling back expectations for further QE in the near future. Support is now at 79.15 and resistance is around 80.
Keane Plan: Looking for a pull back towards support.
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