Keane Insights…Friday’s Trading Plan
2012
Heading into the end of the week a few pairs are at interesting positions. The GBPUSD is resting near the top of its channel at 1.6140. The USDCAD is consolidating near strong resistance around .9950. Plus, the AUDUSD is still hovering near the 50 Fib from September's climb higher. To break through these levels some sort of stimulant may be required. The economic docket in Asia and Europe is rather light. But, in North American trading Friday the USD GDP Report and The University of Michigan Report are due. These pieces of data could provide the spark for a move higher if consolidation continues in in Asian and European trading. If the markets begin to drift lower over night we could see the pairs lose ground on profit taking. As always, remember to keep your trades KEANE and play it safe.
GBPUSD TESTING CHANNEL TOP
The GBPUSD made short work of testing the top of its channel after better than expected GDP data. The pair is currently resting just below channel resistance at 1.6130. A break or hold of the 1.6130/40 area will dictate price action into the end of the week. A hold could see a slow drift back down towards support at 1.6050. If the cross manages to break higher 1.62 is the first level of meaningful resistance.
Sup 1.6050
Res 1.6130/40
Keane Plan…Looking for a break or hold at these level.
AUDUSD TESTING THE 50 FIB ONCE AGAIN
The AUDUSD managed to gather the steam needed to make another run at the 50 fib at 1.0386 in European trading Thursday. The question now is if the pair has any coal left in reserve to push above the 1.04 level. The economic docket is empty for the AUD until next week. So any push above the 1.04 level would most likely be sparked by a general risk on mood in the markets. Support now begins at 1.03 closely followed by the ascending trend line at 1.0260.
Sup 1.03 1.0260
Res 1.04 1.0470
Keane Plan…A break of the day lows or a push above 1.04 could present opportunities.
USDCAD WALKING THE LINE
The USDCAD Spent another day 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. Standing aside until the pair breaks above or below the range between .9885 and .9950.
Sup .9885
Res .9943/50 1.0039 ( 50 Fib)
Keane Plan…Watching for a break of either .9950 or .9885 for a larger move.
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