The markets appear to be at a turning point. The move higher seems to be exhausted but the catalyst for a push towards dollar strength has eluded the market. This has led to a week of consolidation. With most of the pairs ending the week near their lows. Heading into next week the EURUSD seem to offer the clearest tell of the direction of the FX markets. The EURUSD is in a triangle on the 1hr chart. Whichever way the pair break will most likely dictate dollar strength or weakness into the start of the week. Everyone have a great weekend and remember to keep your trades KEANE.
EURUSD TRIPLE WITCHING TWITCHES...LOOKS LIKE A TRIANGLE
The EURUSD put in its high of the week at 1.3170 on Monday and never looked back. The pair slowly pushed lower until Wednesday before finding a bit of traction. Heading into the new week the cross finds itself in a triangle on the 1H chart. The top of the triangle is currently around 1.3040 and the bottom is down around 1.2975. Whichever way the channel breaks will most likely dictate the price action into the new week. A break above the topside favors a move up towards 1.3170. A push below the bottom of the triangle favors a move towards 1.2820.
Sup 1.2975 1.2820
Res 1.3040 1.3170
Keane Plan…Clean setup, waiting for a break of the triangle to dictate price action.
GBPUSD STRONG MOVE HIGHER OFF THETREND LINE BREAK
The GBPUSD followed a descending trend line lower for the majority of the week. The tone changed on Friday after the cross snaked above the trend line into the New York Close. The pair made short work of the weekly highs and pushed to test the 1.63 level before falling back into the weekly range. Heading into the new week Friday’s daily lows around 1.6230 and high near 1.63 will be key. A break of this low and the GBPUSD could be on its way towards 1.6170 once again. A push above resistance open the pair up to a move towards 1.64.
Sup 1.6230 1.6170
Res 1.63 1.64
Keane Plan…Watching Friday’s range for a break of either the low or high.
AUDUSD CONFORTABLEIN ITS RANGE
After Mondays drop the AUDUSD consolidated in a range for the majority of the week. The top of the range is at 1.05 and the bottom is firmly at 1.0365. Heading into the new week it will once again be all about Friday’s range. Despite falling in New York on Friday the cross managed to remain above the daily low. A hold or break of this level will be key. A break below the low a round 1.0450 exposes the pair to a push lower towards 1.0365. A hold of this level could lead to another test of resistance at 1.0520. If this level is broken a run up towards 1.0630 could be in the cards.
Sup 1.0450 1.0365
Res 1.0520 1.0630
Keane Plan….Watching Fridays range. Between 1.0520 and 1.0450. Looking for a break.
NZDUSD RESISTNACE ZONE FRIDAY
The setup into the new week for the NZDUSD is rather simple. The cross is currently stuck between a support and resistance zone and until either of these levels give range trading could be the plan. The resistance zone is created by the .8050/00 zone. This level held the pair in check throughout last week. A clean break of this level will open the pair up towards a move to .8470. Support is still created between the .8220/.8185 area.
Keane Plan….Playing the range until it breaks.
USDCAD DAILY CANDLE LOOKS BULLISH
If the USDCAD ends the week at these levels the daily candle could indicate a continued push higher. Support begins at Fridays lows at .9730. Heading into next week a hold above these levels favors a push towards resistance at .9840.
Keane Plan….Nice reversal on the daily candle… Watching price action into the open.
USDJPY YEN YEN YAWN
The USDJPY skated around this week but never really moved anywhere. Heading into next week the plan is simple. Daily price support is at 78. Resistance begins at the descending trend line around 79.15. Until either of these levels give sideways’ trading could remain the plan.
Keane Plan….Standing Aside.
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