It was another day of slow trading in North America.  Most of the majors gained against the dollar in Asian and European trading a then began to slowly drift sideways.  The data flow in Asia on Wednesday is rather slow but things pick up a bit in North America with the release of the GBP Bank Of England Minutes and GBP Employment Report.  Heading into Overnight trading all eyes will be on the NZDUSD resting at the 50 Fib from its Septembers advance and the USDJPY trying to gain traction above 78.85.  Traders, remember to keep your trades KEANE and play it tight.

NZDUSD TESTING THE 50 Fib....

THe NZDUSD is testing the bottom of wedge that has contained it over the last few weeks at .8130.  This level also represents the 50 fib from the move higher last September.  A break or hold of this level could dictate the price action for the remainder of the week.  A break below the 50 fib exposes the .618 fib at .8080 followed by daily price support at .8030.  A hold of this level could lead to another test of TL support at .8184.

Keane Plan....Watching the .8132 level for scalping opportunities.

Sup     .8132  (50 Fib)               .8080   ( .618 Fib)

Res      .8185

GBPUSD BREAKS WEEKLY HIGHS

The GBPUSD has slowly drifted higher so far this week.  The pair broke above the weekly highs and the yearly descending trend line in European trading.  A hold above 1.6090 favors a test of the descending TL at 1.6150.  If the cross falls below the 1.6090 level once again a push back towards the .382 fib at 1.60 could be in the cards.

Sup   1.6090          1.60  ( .382 Fib)

Res  1.6150

Keane Plan....Watching price action near the 1.6090 level.

USDJPY JAIL BREAK


The USDJPY managed to break above the descending trend line that has capped recent price action on Tuesday.  The pair is now consolidating near the monthly high at 78.85.  A hold above this level favors a rotation higher towards 79.65.  A break lower finds support almost instantly at past TL resistance at 78.60.

Keane Plan...Watching price action at the 78.85 level a Hold favors a push higher.

Sup   78.60            78.85

Res  79.65

 

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