Keane Insights…Wednesdays Trading Plan

It was an interesting day of trading in New York.  The day appeared to be yet another slow drift until in late trading the majors lost their traction against the dollar.  What is interesting about this move is that almost all of the majors stopped at or around significant support or resistance levels.  So at this point most of the ranges are still in play.  The NZDUSD is sitting in its support zone between  .8184/.8220.  The AUDUSD is resting  just below the 50 Fib from this months climb at 1.0394.  Plus the USDCAD is once again testing the top of its range between .9810/40.  In Asian and European trading it will be telling if these ranges hold their ground or if the dollar pushes higher.  The data flow is light in overnight trading, so price action will be key.  As always,  remember to keep your trades KEANE and play it safe.

 

EURUSD REVERSAL TUESDAY

The EURUSD has been a pair wrapped in confusion for the last week or so.  It appears that the markets have yet to decide what to make out of all of the news that has transpired over the last few weeks.  At this point, the best strategy may be to let the markets tell you what they want to do.  Support begins between 1.29/2875 and resistance is strong near the 1.30 area.  1.30 is the cross roads of the current trend line resistance and daily price resistance.  Until one of these area are reached the best plan could be to stay out of the chop.

Sup   1.29/2875

Res    1.30

Keane Plan….Watching my levels and staying out of the chop…

GBPUSD CHANNELING LOWER

The GBPUSD Had an erratic day at best on Tuesday.  The pair moved lower creating lower highs and lower lows as the cross drifted lower in a descending triangle.  The cross tested the bottom and the top of the channel on multiple occasions.  The top of the channel is currently at 1.6260 and the bottom is around 1.6208.  A break of the bottom of the channel opens up support at 1.6170, followed by the monthly descending trend line around 1.61.  A break of the top of the channel exposes resistance beginning at 1.630.

Sup    1.6208                 1.6170                    1.61

Res   1.63

Keane Plan….Waiting for a channel break…If inclined could play the inside of the channel.

AUDUSD TESTING THE 50 Fib

The AUDUSD  played a game of fibs on Friday. The pair quickly reversed its path in New York trading after touching the 50 fib from it’s most recent decline.  The cross continued to decline until the pair challenged the 50 Fib from the September early climb at 1.0394.  A hold or break at this level will be interesting.  A break exposes the pair to a measured move lower targeting 1.0285.

Sup    1.0394  ( 50 Fib)           1.0280

Res    1.0450

Keane Plan…Watching price action near the 50 fib at 1.0394….Bull/Bear Line.

USDCAD MOVING HERE AND THERE BUT GOING NOWHERE

This USDCAD has its heart set on remaining above the .98 level.  Heading into the New York close the cross is preparing to challenge the resistance zone once between .9810/40.  This level has capped recent price action.  Any move up to this area could find sellers.  While a break  of the zone opens the pair up for an attack of .9950.

Sup    .9670

Res    .9810/40

Keane Plan….Watching price action near the .9810/40 resistance zone

NZDUSD CAN'T SEEM TO FIND IT'S LEGS

The NZDUSD can’t seem to find its legs.  the pair is still trading between the support and resistance zone. The support zone is between .8220/.8184 and resistance is between .83/.8350.  Until one of these ranges break playing the meat to the inside could be the plan.

Sup    .8220/.8185

Res    .83/.8350

Keane Plan…Playing the range between the support and resistance zone until it breaks.

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