The FOMC report was the highlight of the trading day Wednesday. After last months FOMC fireworks expectations were muted heading in to today and that is what was delivered. The GBPUSD is the pair in play on Thursday. GBP GDP is due at 4:30 GMT. Analyst predictions are for a reading of -.6% YOY. A better than expected reading could help this pair continue it climb towards the channel top around 1.6140. A weak number could have the inverse effect. That is it for now. As always keep your trades KEANE and play it tight.
The GBPUSD appears to be establishing a downwards slopping channel. The top of the channel is around 1.6140 and the bottom is around 1.59. Currently the pair is resting around mid range. This could change in European trading Thursday with the GBP GDP release. Expectations are for a YoY reading of -.5% and a QoQ reading of .6%. If GDP is better than expected a break of immediate Res at 1.6050 could be in the cards. This would open the way for a test of the top of the channel into the end of the week. Support begins at the .382 fib at 1.60.
Keane Plan….Looking for a break of either 1.60 or 1.6050 to introduce support and resistance for the larger range.
USDCAD FIBS UP AHEAD
The USDCAD has been consolidating around the .382 fib from the decline starting last May at .9943. a break of the resistance zone between .9943/.9950. Could open the pair up to a run towards the 50 Fib at 1.0039. Resistance now begins at .9885. A break below that level and the cross could fall back into the consolidation zone from last week between .9885 and .9765.
Res .9943/50 1.0039 ( 50 Fib)
Keane Plan…Watching for a break of either .9950 or .9885 for a larger move.
AUDUSD LOOKING FOR 1.04
The AUDUSD has manged to find a path higher after bouncing of trend line support at 1.0240 on Monday. The pair managed to break above weekly high on Wednesday at 1.0335 and now appear to have its eyes set on a test of the 50 Fib from September’s decline at 1.0386, followed by 1.04.
Sup 1.03 1.0250 (TL Support)
Keane Plan…Looking for a test of 1.04 as long as the pair remains above 1.03.
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