Many of the majors are resting at significant support and resistance level heading into the end of New York trading. A break or hold of these levels could very well dictate the price action for the remainder of the week. A break of significant support levels in the AUDUSD and GBPUSD could lead to a break from current ranges. The inverse is true with the USDCAD testing resistance near .9950. Data flow is slow once again on Tuesday, technical levels will be key. As always remember to keep your trades KEANE and play it safe.
EURUSD BOUNCES AT TL SUPPORT
The EURUSD managed to find a bit of traction to start the week at the cross roads of support at 1.3030. The 1.3030 level represented Monthly TL support and the .618 fib from this months climb higher. Resistance begins at last weeks high followed by September’s high at 1.3170.
Sup 1.3030 (.618 fib) 1.2985 (.50 fib)
Res 1.3140 1.3170
Keane Plan..Looking for a test of the 50 Fib at 1.2986 or a break of the last weeks highs at 1.3135
GBPUSD TESTING THE LOWS ONCE AGAIN
The GBPUSD is once again flirting with layered support around the 1.60 level. Support is created by the .382 fib as well as the ascending TL that has capped price action over the last month. A break below this level targets a move down towards the 50 Fib at 1.5903. Resistance begins at 1.6050 followed by the 1.61.
Sup 1.60 1.5903 (50 Fib)
Res 1.6050 1.61
AUDUSD WAITING FOR A BREAK
Consolidation was the name of the game in the AUDUSD on Monday. The pair moved within a 40 pip range. Until this cross breaks below the 1.03 level or above the 5o Fib at 1.0386 I will remain sidelines. A break below the 1.03 level could open the pair up to another move down towards the recent lows between 1.0150/0175. A break of the 50 fib targets a run at daily price support at 1.0520.
USDCAD CONSOLIDATING, I THINK I CAN, CONSOLIDATING
The USDCAD spent the majority of the day Monday consolidating around key resistance at .9943/50. This level represents the .382 fib level from October’s decline and strong daily price resistance. Price action will be key at this point. A push above exposes parity and more important the 50 fib at 1.0030. Any downturn will find initial support at .9885.
Sup .9885 (.382 Fib)
Res 1.0000 1.0040 (50 Fib)
USDJPY FIRING HIGHER
The USDJPY continued its push higher after breaking above the descending TL last Tuesday. In Asian trading the cross broke above strong daily support at 79.65. The pair is now firmly above the 200 day MVA at 79.40. As long as the pair remains above this level a push higher is favored. resistance begins around the 80 level followed by 80.60.
Res 80 80.60
Keane Plan….Looking for a pullback to the 200 Day MVA around 79.40
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