Keane Insight’s Next Weeks Trading Plan

Last week's trading was once again was a bit slow and this may be the new norm until some sort of shack up hits the markets.  It appears that there are two ways to trade the market at the moment.  One is to take a bit of a longer prospective and target inter week range extremes.  The second is to scalp the opening ranges for 20 to 30 pips at a time.  Heading into next week a few of the majors are resting at significant support and resistance levels.  The GBPUSD is testing monthly lows at 1.60 and the USDCAD is testing the .9950 level once again.  A break or hold of these level will be key to price action in the majors to start the week.  Everyone have a great weekend and keep your trades KEANE.

EURUSD RESTING AT TL SUPPORT

Heading in to the end of the week the EURUSD is resting at two strong support levels converging at 1.3030. Support is created by the combination of the .618 Fib at 1.3030 and the ascending trend line that has supported price action this month at the same level. A hold of this level could spark a push higher early next week. Resistance begins at last week high at 1.3135 followed by the September high at 1.3170. If the pair manages to push below the 1.3030 level support begins once again around the 1.2950 level.

Sup 1.3030 1.2950

Res 1.3135 1.3170

Keane Plan….Looking for a bounce or break at the 1.3030 support level.

GBPUSD BULL BEAR LINE

THe GBPUSD continued its push lower to end the week on Friday.  The pair similar to the EURUSD is now at a cross section of support at 1.60.  The .382 Fib level and monthly TL support intersect at this level.  A break or hold will be key heading into the new week.  A break exposes the 50 Fib below at 1.5903.  A hold could lead to another test of the yearly descending TL at 1.6080.

Sup     1.60              1.5903

Res     1.6080

Keane Plan….It is all about the 1.60 heading into the new week….

AUDUSD PAYS RESPECT TO THE 50 Fib

It was an interesting week for this pair.  The cross broke out of the trading range that had contained it for the last week or so to test the 50 Fib from September’s decline at 1.0386.  Only to fall back in Friday trading.  At the close of European trading on Friday the EURUSD is resting on the past resistance zone turned support between 1.0325/00.  A break of this level heading into the end of the week or at the beginning of next week could open up the monthly lows between 1.0175/50 for a possible retest in the week ahead. 

Sup   1.0325/00

Res   1.0385/04

Keane Plan….Watching price action at and around the support zone between 1.0325/00 for a break or hold.

NZDUSD YING YANG LINE

The pair moved down to touch the 50 Fib at .8132 to start the week before breaking higher.  Only to fall back on Friday to the descending trend line that was once resistance at .8148.  All in all, this is a long way of saying the pair range traded last week.  The question now is if this will continue?  Until a catalyst pops up such as a stock market correction,presidential election results, or more than likely something unforeseen the range could remain in place.

Heading into next week a break of the descending TL at .8140 opens the pair up for another test of the sup zone between .8132/.8110.  A bounce at the TL could open the cross up to another run at the .8235 level.

Keane Plan….Watching the descending TL at .8140 for a break or hold.

USDCAD Range Break

The USDCAD Snapped higher on Friday after piercing above weekly resistance at .9885.  The cross is now creeping up towards the .382 fib from decline beginning last May at .9943.  This level will act as Resistance heading into next week.  A break above exposes the 50 fib at 1.0039.  Support now begins at past resistance at .9885. 

Sup    .9885

Res    .9943             1.0039

Keane Plan….Watching for a pullback towards the .9885 level to consider going long against.

USDJPY BOOM BAM PUSHES ABOVE WEEKLY TL

The USDJPY managed to break above the descending TL that has guided the pair lower for the last four months last week.  The cross is now resting around the .618 fib at 79.25 from the move lower starting in June.  Any move back towards the 78,85 level could find buyers in the short-term.  Resistance begins at 76.65.

Sup       79.25    ( .618 Fib)                    78.85   (.50 Fib)

Res       79.65

Keane Plan…Looking for a pullback to the .50 fib at 78.85

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