The FX markets rolled out of bed on Monday and decided to go back to sleep. The trading was thin and range bound. Heading into Tuesday things could pick up a bit as data begins to roll in. Everything kicks off with the release of the AUD Reserve Bank Minutes in Asian trading. Followed by the GBP CPI and the EUR CPI and ZEW Report in early European trading. Then to finish the day the USD Consumer Price report will be release during North American trading. Traders will be watching the USDJPY on Tuesday. The pair has broken above the descending trend line that has capped price action over the last few months at 78.64 but failed to break price support at 78.85. A push above or below one of these level could produce a move in the pair. As always remember to keep your trades KEANE and lay it safe.
AUDUSD In Its Comfort Zone
The AUDUSD is drifting along in about the middle of its range. Things could become a bit interesting tonight with the release of the Reserve Bank Minutes. Any information regarding expectations for future rate cuts could send this pair towards the range extremes. Support is up between 1.03/.0325 and resistance is below between 1.0175/50.
Keane Plan....Looking for the test of the range.
The NZDUSD has been trading in a descending wedge so far this month. The cross is pushing up towards the top of the wedge at .8195. A break or hold of this level will be key to the future price action on this pair. A break could expose a run towards .8235 a hold could see another move lower towards .8130.
Keane Plan....Watching price action at the top of the wedge.
GBPUSD Something Has To Give.
The GBPUSD has drifted sideways for the majority of the day. The cross is now resting near the descending yearly trend line once again at 1.6090. A test of this level will be key. A break exposes the pair for a run at 1.6140 but a hold could lead to a push back down towards the .382 fib at 1.60. At this moment the on;y thing to do is let the price action do the talking.
Keane Plan...Watching the price action near the descending trend line.
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