The week ended with a bang on Friday.  The markets reversed what appeared to be a a risk breakout Friday as rumors swirled and traders closed their books for the quarter. Most of the majors have established well-defined ranges over the last few week and a break from them could be in the works with the beginning of a new month and quarter next week.  When reviewing weekly charts it becomes apparent that the trend is lower.  To start the week the focus will be on topside failures or range breaks to the downside.  As always everyone have a great weekend and remember to keep your trades KEANE.

EURUSD LOST

The EURUSD appears to have lost its sense of direction.  The cross has wondered to the left and to the right but has lacked any conviction.  Heading into the near future this could continue to be the norm.  With the QE infinity, USA presidential elections and fiscal cliff worries weighing on the dollar.  Countered by EURO concerns ranging from rioting in the streets in Greece and Spain, political infighting amongst European countries and an economic recession. 

Heading into the next week the range has been well established.  Resistance begins at 1.2970 and support at 1.2830.  The range could play out once again next week.  On the weekly chart the bias is for a continued move lower.  A break of support exposes the .382 fib at 1.2742 of the resent rise from 1.20. 

Sup    1.2830

Res     1.2970

Keane Plan…Playing the range.  Looking to sell to the topside for moves lower.

GBPUSD HEADING RIGHT

The GBPUSD has drifted sideways in the same range for the last 12 trading days.  The top of the range is at 1.63 and the bottom 1.6115.  it appear the daily descending trend line that acted as resistance for over a year is now acting as support.  It would take a break of this line to accelerate the pairs path lower.  Even though the ascending trend line from the resent push higher rest just below around 1.6050.  The picture is cloudy at best and the plan at the moment is to watch price action for clues.

Sup      1.6115/1.61

Res      163

Keane Plan…looking for a clean break of either 1.61 or a push above 1.63…Scalping the range in between

AUDUSD A TRENCH WAR

The AUDUSD played a tight game between the fIbs last week.  The .382 fib at 1.0448 has acted as the top of the range.  While the.618 fib near 1.0340 has marked the bottom.  Every time the cross appeared to be on its way to breaking out of the fibs the pair was pushed back into the confusion.  A break in either direction will be needed to help establish a trend of some sort.  A break to the topside exposes 1.0520.  As a push below the battle open up the 1.0280 level to an offensive.

Fibs        .382             1.04485

                .500             1.0394

                .618              1.0340

Sup   1.0280

Res    1.0520

Keane Plan….Looking for a break from the dust in the fibs.

NZDUSD SUPPORT, RESISTANCE, SUPPORT, RESISTANCE

The NZDUSD followed the script dead on this week.  The pair bounced between support and resistance zones without finding the strength or will to break out of the comfort of its range.  Heading into next week things may change with the beginning of a new week, month and quarter.  Until the pair breaks above resistance between .8350/.8300 and support between .8220/.8185 playing the range is the plan.  A break of support opens the cross up to a run at .8030 and a push above resistance could lead to a try at .8470.

Sup        .8220/.8185                         .8030

Res        .8250/.8185                          .8470

Keane Plan….Playing the range until it breaks

USDCAD SOMETHING HAS TO GIVE

The USDCAD managed to find support on Friday of of the 4hr chart ascending trend line.  The pair is now once again firmly in the middle of its resistance zone between .9820/.9850.  It will take a break above this level to free the pair for another attempt at parity.  A break below the resistance zone will immediately find support at the descending trend line that has contained the price action over the last few weeks around .9790.  A push below this level opens up a run at support around .9660.

Sup    .9790                           .9660

Res     ,9820/.9850

Keane Plan…Once again it is a waiting game with this pair.  Letting the trade come to me.  Need A break of either the resistance zone .9820/.9850 or the ascending trend line at .9790.

USDJPY WAKES FROM ITS SLUMBER

The USDJPY drifted lower for most of the week before roaring to life after touching the 77.50 support level in New York trading.  The cross managed to rally over 50 fibs before falling back under resistance at 78 to close the week.  It looks as though the pair is in the beginning stages of carving out a range between the descending trend line around 79 and the 77.50.  It should be noted a move much lower could spark intervention measures.

Sup   77.50

Res    78                         79

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