It was another slow Monday of trading in North America. The dollar rebounded in European trading but for the most part consolidated in New York. Data flow will be light once again in European and Asian trading on Tuesday. This leaves price action as the key to Tuesdays trading. Heading into Asian trading all eyes will be on the NZDUSD. The pair has consolidated the majority of the day in its support zone between .8220 and .8185. A hold or break of this level will be key. As always keep your trades KEANE and keep it tight.
EURUSD DROPS A HUNDRED LEAVING THE TRIANGLE
To start the week the EURUSD exited the triangle that had contained it on the 1 hr chart. The pair dropped as far as 1.2890 before finding a bit of support. The cross is now sitting just about mid-range. Support begins at 1.2820 and resistance starts at past support at 1.30. The price action will be key here. As long as the cross remains below 1.30 the downside is favored. A break back above this level open the cross up to a move towards 1.3170.
Sup 1.2820 1.2750 (.382 Fib from last move higher)
Keane Plan….Watching price action at these levels.
GBPUSD LOOKS TO BE IN A RANGE
The GBPUSD has started the week basically where it did the last week. Support around 1.6170 has contained the cross once again. It will take a break of this level to open the pair up to a move lower. The descending trend line that contained the pairs accent for over a year, is now acting as support just below at 1.6120. The top of the current range is at 1.63. Playing the range is the plan until it breaks.
Sup 1.6170 1.6120
Keane Plan…Playing the range between 1.63 and 1.6170 until it breaks.
AUDUSD SIDEWAYS ACTION
The AUDUSD continues to drift sideways in a range. At the moment without having a view on price action the plan is simple. Any move down towards resistance at 1.04/.0365 could be considered a buying opportunity. Support begins at 1.0520 followed by 1.0630. It will take a break of 1.0356 to change the momentum to the downside.
Keane Plan …..Watching dips towards 1.04/.0365 as buying chances.
NZDUSD RESTING IN THE SUPPORT ZONE
The NZDUSD continued its drop from .83 to challenge the support zone between .8220/.8185. As long as this area holds the bias is for a move higher back towards the resistance zone between .83/.8350. Until one of this area breaks the cross could ping-pong between the two.
Keane Plan…Looking for opportunities to play the range between .8185/.8220 and .83/.8350
USDCAD CRASHES INTO RESISTANCE
The .98/.9840 zone has acted as strong resistance for this pair. A push above this level could lead to a push higher up towards .9950. A hold of the resistance zone favors another retest of the descending trend line around .9670.
Keane Plan. watching price action around the .98/.9840 zone
USDJPY BELOW KEY SUPPORT
The USDJPY has been pushing lower since testing the descending trend line around 79. The cross is now below 78 and could be preparing for a test of support around .7750. A break back above 78 favors a return to the range between 78 and 79,
Keane Plan…Watching price action around the 78 level.
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