Keane Insight’s…Friday’s Trading Plan

The BoE and the ECB kept interest rates on hold on Thursday.  This was enough for traders to liquidate dollar shorts before Friday NFP reports.  Economist estimate that the NFP number should arrive around 155K.  If the number is better than expected the dollar could gain strength against the majors.  If the number disappoints the inverse could occur.  The markets will most likely be shallow overnight as most traders remain sidelined ahead of NFP.  As always remember to keep your trades KEANE and play it safe.

EURUSD DRAGHI SPEAKS THE EURO RISES

The EURUSD pushed higher on Thursday after the ECB left rates at .75%.  At the press conference that followed Draghi preached the benefits of the new unlimited bond purchase program but did not add any new color to the mix.  Heading into NFP on Friday the EURUSD is resting at the .618 fib at 1.3030 following the bounce from 1.2820.  The 200 day MVA rest at the 1.2820 level and could act as support in the short-term.  A break above 1.3030 could lead to a full extension to 1.3170.

Sup   1.2820

Res   1.3030        1.3170

Keane Plan…Watching reistance at 1.3030.  Strong daily candle.

GBPUSD TESTING THE 50 FIB

The GBPUSD fooled traders once again after breaking below a bundle of trend lines around 1.61 but could not harness the energy to push lower.  The cross burst higher with risk in New York Thursday to test the 50 fib from the recent push lower.  The pair is at a cross roads at the moment.   A hold of the 50 fib could lead to yet another test of the descending trend line at 1.61.  A push higher runs into resistance at the short-term descending trend line at 1.6240.

Sup   1.61

Res    1.6240

Keane Plan….Watching the price action after NFP.

NZDUSD RANGE RANGE RANGE

What can you say about this pair other than it likes to stay home.  The cross has traveled in a range for the last two months between  the resistance zone at .8350/.83 and support between .8185/.8220.  It would take a sustained break of this range to jump-start a trend.  Until that happens playing the inside seems to be the way to go.  A break to the bottom of the range exposes sup at .8030 a push above the topside could lead to a run towards .8470.

Sup     .8220/.8185

Res      .83/.8350

Keane Plan…Watching price action around the top of the support range at .8220.

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