Keane Plan…Thursday trade setups in the majors.

The price action was less than spectacular on Wednesday.  The majors spent the majority of the day consolidating around key support and resistance zones.  The NZDUSD and USDCAD were the exceptions to the rule.  The NZDUSD managed to bounce once again from its resistance zone and the USDCAD rallied above resistance at .9850.  Heading into Asian trading the .9850 level in the USDCAD will be of particular interest.  A hold above this price point changes the focus of the pair from the downside to a maybe another test of parity.  In European trading Thursday German employment is due with expectations of 10K followed by GBP GDP with economist estimating a negative print at -.5%.  That is it for now.  Traders remember to keep your trades KEANE and play it safe.

EURUSD TRADING IN A TIGHT RANGE

 

The pair has traded in a narrow 50 pip range so far on Wednesday. The cross seems content to consolidate around the 1.2850 area. The long as the pair remains above the 1.2850 level favors a push higher. Resistance begins around 1.29 followed by the descending trend line near 1.2990. A break from this level favors the .382 fib from last months accent at 1.2742.

Sup 1.2820 .382 Fib 1.2742

Res 1.29 1.2990/30

Keane Plan….Watching the price action around 1.2850.

GBPUSD LESS THEN DAZZLING DROP

The GBPUSD broke below support at 1.6170 on Wednesday without much fanfare. Below this level rest a trifecta of support levels that could hinder the pairs decline. The monthly trend line that has acted as resistance for over a year is now support around 1.6110. The ascending trend line from September’s climb higher rests at 1.6060. Followed by daily price support at 1.6050. A break of these levels will be a clear sign of a reversal to the downside. Resistance now begins at 1.6170 followed by 1.6330.

Sup 1.6110 1.6060/50

Res 1.6170 1.63

Keane Plan…..Support is scattered below this level…Watching price action at these levels. A push back above 1.6170 favors a move higher.

AUDUSD WALKING DOWN THE FIBS

The AUDUSD has been dancing between the fibs from this months climb higher for the majority of the week. On Wednesday the pair found support at the .618 fib at 1.0340. A hold at this level could lead to another test of the 50 Fib At 1.0394. Until the pair decides on a clear direction this fib game could continue. A break of the .618 fib at 1.0340 open the pair up to a test of daily support at 1.0280. it would take a break of the .382 fib at 1.04485 to clear the path higher for a retest of last week high at 1.0520.

Fib Level .382 1.04485

.50 1.0394

.618 1.0340

Keane Plan…Can play the fibs..but looking for a break of either 1.04485 or 1.0340 for a feeling of direction.

NZDUSD SUPPORT ZONE IS SOLID...LOOKS LIKE A WEDGE

The NZDUSD traded to its own drum beat on Wednesday. The pair drifted back into the support zone between .8185 and .8220 on Tuesday and remained in this area during Asian and European trading. The cross managed to break out of the zone in New York Trading but could not garner much strength. Trend line resistance dating back to Sept 21 could cap the pairs advance around .8260.

Sup .8220 .8185

Res .8260

Keane Plan….Watching the bottom of support at .8185 and the trend line at .8260. Could play the range until it breaks.

USDCAD SQUEEZE HIGHER

The USDCAD has rebounded nicely off trend line support around .9675 over the last few days. The cross is now at an important intersection in its rebound at .9850. A break or hold of this level will be key for the pair. A break higher opens the cross up to a run at parity once again. A hold at this level could lead to a push back down towards .9810.

Sup .9810

Res .9950 1.000

Keane Plan…Watching the Price action around .9850

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