Keane Insight’s…Next Weeks Trading Plan

The markets where a bit mixed on Friday.  Most of the major continued their ascent higher in Asian and European trading.  Things diverged a bit in New York.  The EURUSD and GBPUSD continued higher while the commodity pairs gave up a bit of their gains.  Heading into the new week there are many interesting development to watch.  The USDCAD and AUDUSD are at the top of the list.  The USDCAD bounced at long-term channel support.  A hold at this level could indicate a shift in trend.  The AUDUSD could not maintain it's gains above the descending trend line around 1.0570.  These key reversal could indicate a rebound is taking shape.  Everyone have a great weekend and remember to keep your trades KEANE.

EURUSD UP OVER 600 PIPS FOR THE SEPTEMBER

The EURUSD has moved higher without looking back.  The cross is firmly above trend-line support and has broken above the resistance at 1.3030.  A hold above this level points to a move higher towards 1.3250.  But no move continues higher in a straight line.  Any pullback towards 1.3030 could find buyer looking for the next leg higher.

Sup    1.3030

Res     1.3250

Keane Plan…The name of the game appears to be buying the pullbacks.

GBPUSD KEY TEST JUST AHEAD

The GBPUSD continues to march higher.  The pair has advanced on 9 of the last 11 days for around 500 pips.  Now that is what I call A nice short-term move.  The cross is rapidly closing in on important resistance at 1.63.  A move to this level erases the entire decline from last May.  The pair is now firmly above yearly trend line resistance at 1.6130.  If the pair reached the 1.63 level price action around that level will be key.  A bounce at that level could be the pullback that the pair needs.  Support begins at 1.6180 and is followed a bit lower at the descending trend line at 1.6130.

Sup    1.6180               1.6130

Res    1.63

Keane Plan..Looking for a test of either 1.63 or a pullback towards 1.6180.

AUDUSD ROLLING AT THE TREND LINE

The AUDUSD has retraced to the descending trend line at 1.0560 to end the day in New York Friday.  It will pivotal to see how the pair reacts at this level.  A push back below favors a retrace towards the 1.0430.  If the pair bounced and remains above this level a test of 1.0630 could play out.

Sup   1.0530             1.0435

Res    1.0630

Keane Plan…Watching the price action around the descending trend line

NZDUSD IS IN A TIGHT CHANNEL

The NZDUSD looks to be letting up into the New York close.  The pair has traveled in a narrow range higher throughout the week.  Any test of the bottom of the range could be bought for pops higher.  But a pullback is due some time or the other.  Looking at the pair with a longer point of view.  As long as the cross remains above .8220 favors a continued move higher.  Watching support at .8270.  If broken could retest the Bull/Bear zone at .8220/.8185.  A move to this level could find buyers.

Sup      .8270                      .8220

Res      .8350

Keane Plan.  Watching support at the channel bottom

USDCAD TESTING CHANNEL SUPPORT

The USDCAD tested the descending trend-line that the pair has followed lower since last February at .9680 on Friday.  The pair bounced at this level and a pullback could be in the cards.  Resistance begins at .9840.   Any move up to this level could find sellers in the short-term.

Sup   .9680

Res   .9840

Keane Plan  …. Watching the price action at the descending trend line.

USDJPY FINDING SUPPORT

 

The USDJPY rallied throughout the day Friday erasing its loses for the week.  The pair is now once again firmly in the range that has contained it over the last few months.  Support starts at 77.90 and resistance begins at 79.65.  As long as the pair remains above 77.90 it favors a move higher towards the top of the range.

Sup  77.90

Res  79.65

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