Keane Insight’s…Wednesday’s Trade Setups

It was a day of twist a turns in the FX market.  The EURUSD managed to snap below its fib range.  While the GBPUSD continued its march lower to end the day at the .382 fib at 1.5997.  While the commodity pairs tested the lowers of the current ranges.  The question now is if the crosses will form any continuation on these moves.  Heading into Wednesdays trading I will be watching the daily lows in the AUDUSD at 1.0175 and the NZDUSD at .8160.  If those levels are snapped the dollar could push lower across the board.  The data flow is once again light in Asian and Europe so the technical levels will rule the show.  As always remember to keep your trades KEANE and play it safe.

 

EURUSD  Waves Goodbye To The Fibs

The EURUSD has marched lower so far this week.  The cross started the week at the top of the fib zone at 1.3030 and has now pushed past the .382 fib at 1.2944.  Attention now shifts to daily price support and the 200 day MVA at 1.2820.  This level has provided solid support in the recent past.  It would take a break below 1.2820 to open up the cross to the larger fib range below from the move higher in September.

Sup    1.2820

Res   1.2945

Sept Fib Range

.382          1.2741

.500          1.2610

.618          1.2477

Keane Plan…The cross is sitting mid range at the moment.  A push to 1.2820 could find buyers.

GBPUSD TAKING ON THE FIBS

The GBPUSD since breaking below the descending trend line at 1.61 has not looked back.  The pair moved down once again today and challenged the .382 fib at 1.60.  A break of this level exposes the .50 fib at 1.5904.  As long as the pair remains below the descending yearly trend line at 1.61 the path of least resistance is lower.  Resistance begins at 1.6050.

Sup      1.59

Res      1.6050

Keane Plan….Watching the price action around 1.60.

AUDUSD TESTING TREND LINE SUPPORT BETWEEN 1.0175/50

The GBPUSD since breaking below the descending trend line at 1.61 has not looked back.  The pair moved down once again today and challenged the .382 fib at 1.60.  A break of this level exposes the .50 fib at 1.5904.  As long as the pair remains below the descending yearly trend line at 1.61 the path of least resistance is lower.  Resistance begins at 1.6050.

Sup      1.59

Res      1.6050

Keane Plan….Watching the price action around 1.60.

USDCAD RANGE BOUND

The GBPUSD since breaking below the descending trend line at 1.61 has not looked back.  The pair moved down once again today and challenged the .382 fib at 1.60.  A break of this level exposes the .50 fib at 1.5904.  As long as the pair remains below the descending yearly trend line at 1.61 the path of least resistance is lower.  Resistance begins at 1.6050.

Sup      1.59

Res      1.6050

Keane Plan….Watching the price action around 1.60.

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