Keane Insight’s…Wednesday’s Trading Plan…

To start the week off price action has been limited.  Things could pick up a bit on Wednesday starting with the release of GBP jobless claims.  Which is followed by Retail Sales, PPI and the Fed Minutes in North America.  The GBPUSD and EURUSD are still resting below key Fib levels.  A break above these level would be required to turn around the current push lower.  As always keep your trades KEANE and play it safe.

EURUSD CONFUSED BELOW THE .382 Fib

To start the week off the EURUSD has consolidated in a narrow range.  The pair spread its wings a bit in European trading but has only managed a 68 pip range.  As long as the pair remains below the past support at 1.2735 ( .382 Fib) the path of least resistance is lower towards the 50 fib at 1.2602.  The cross is currently riding a descending trend line lower.  The TL is currently around 1.2650.  A break of the resistance zone between 1.2735/50 would be needed to stop the downwards momentum.

Sup      TL 1.2650                1.2602  ( 50 Fib)

Res      1.2735/50                1.2885

Keane Plan…Looking for either a break of the 1.235/50 res. zone or a bounce at the 50 fib at 1.2602.

GBPUSD CONSOLIDATING BELOW THE 50 FIB

The GBPUSD has found little rhyme or reason to its trading activity so far this week.  A spark of inspiration could be on the way Wednesday with the release of the GBP Jobless claims reports.  Economist are predicting no change and for the rate to remain at 7.9%.  Any fluctuation in this number could spark life into this pair.  As long as the cross remains below the 50 fib at 1.5903 a test of the .618 fib at 1.5808 is favored. 

Sup     1.5808    ( .618 Fib)

Res     1.5903     (.50 Fib)

Keane Plan….Watching for a break above the 50 fib at 1.5903 or a push down towards the .618 fib at 1.5808

AUDUSD NARROW RANGE IT IS

The AUDUSD has pushed around in a narrow 40 pip range so far this week.  Without any follow thru it is difficult at best to trade this pair at the moment.  The cross continues to respect the ascending trend line from the move higher starting last October.  To spark a bit of price action the cross is going to need to break out of it current range.  The top of the range is at 1.0440/80 and the bottom is marked by the 50 fib at 1.0386.  A break to the downside could open the pair up to a run towards 1.0250.

Sup    1.0386  ( 50 Fib)

Res     1.0440/80

Keane Plan…Consolidation is the game…Looking for a break of the range before chasing.

NZDUSD TAKING A LOOK AT .82

Commodity pairs found a bid in New York today.  The NZDUSD looks to be comfortable around .82 heading into the New York close.  A break of this level could open up the pair up to a run towards resistance at .83.  But similar to the AUDUSD the price action been very shallow in the pair recently,  making trading difficult at best.  Support begins at daily price support at .8110.

Sup      .8110

Res       .82

Keane Plan…Difficult range to trade.  Looking for a break of .82 or .8110.

USDCAD NO PLACE LIKE PARITY

There is  no place like parity for the USDCAD.  The pair seems very comfortable at these current levels.  The 50 fib is just above  at 1.0040 and could cap price action higher.  Resistance begins at the .382 fib at .9943.  A break of this zone will be required to kick off a bit of volatility.

Sup   .9980       .9943

Res   1.0040 ( 50 Fib)

Keane Plan…Trading in a narrow range.  Looking for a test of the 50 fib at 1.0040

USDJPY Back In The Resistance Zone

 

The USDJPY has managed to consolidate in its support zone over the last three trading days.  Support is between 79.25/50 and resistance is up around 80.60/81.  A break of the resistance zone finds support once again just below at 78.85.

Sup    79.50/25                     78.85

Res     80/60/81

Keane Plan…Consolidating in the Res zone.  Need a break above or below to kick of action.

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