Keane Insight’s…Thursdays Trading Plan

The universe appears to be in line once again.  New York markets opened on Wednesday to watch the majors zig zag through European and North American trading.  The majors appear to be content in their current ranges ahead of NFP.  The setups to watch heading into Thursday trading are in the AUDUSD and NZDUSD.  Both are consolidating in narrow wedges.  A break is in the cards in the short run.  In Asian trading Thursday the data to watch is the AUD Performance and Manufacturing Index and the CNY PMI expected at 49.1.  These two reading could give a bit of insight into the health of the Chinese economy.  Data flow is slow in Europe but picks up in North America with the release of USD Consumer Confidence and ISM.  Every one have a great Halloween and keep your trades KEANE.

EURUSD RESISTANCE REJECTS ONCE AGAIN

The EURUSD failed to break above the resistance zone between 1.3020 and 1.2995 once again on Wednesday.   Support now begins at the Wednesdays lows at 1.2945.  A break of this levels favors a push down towards the bottom of the range at 1.2885.  Range may be your friend heading into NFP on Friday.

Sup      1.2945                 1.2885

Res       1.3020/1.2995

Keane Plan…..The range is your friend until it breaks.

AUDUSD LOOKS TO BE IN A WEDGE

The AUDUSD moved up on Wednesday to once again test the resistance zone created by the 50 Fib at 1.0386 and daily resistance at 1.0410.  This level has proven to be difficult to break.  In the short-term it looks as though the pair is stuck in a wedge between 1.0410 and the ascending TL currently around 1.0360.  A break to the bottom of the wedge exposes the bottom of the weekly range at 1.0250. 

Sup                1.0250

Res                1.0386/1.0410

Keane Plan ….  Watching for a break of the wedge in either direction.

USDCAD GDP SINKS

The USDCAD bounced higher today after the GDP reading came in lower than expected.  The pair is now once again above parity but below the 50 fib at 1.0040.  A break of the 50 Fib would open up the pair to further advances.  On such a break the first target would be the .618 fib at 1.0135.  Resistance now starts at the .382 fib from the decline between May and September at .9943.

Keane Plan….It’s all about the Fibs…Looking for a break of the .50 or .318 Fibs

Fib Levels

.618        1.0135

.50          1.0040

.382        .9943

NZDUSD CRACKING THE WEDGE

The NZDUSD briefly broke below the bottom of  its wedge Wednesday before rebounding.  The question over the next few hours is if the pair will be able to hold these levels.  In the short term a push back below the bottom of the wedge and .82 could open the cross up to a test .8150 followed by .81.  Resistance begins between .8225 and .8235.

Sup           .82

Res           .8225/.8235

Keane Plan…..Similar to the AUDUSD waiting for a break of the wedge.

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