Risk gathered a bit of steam to start the new week. Traders are anticipating some sort of agreement regarding Greece during the EURO Finance ministers gathering on Tuesday. A positive result could lead to relief rally higher towards the 1.2825 level. Heading into Asian trading all eyes will be on the Bank of Japan and The Australian Reserve Bank. The Bank of Japan will be delivering its rate decision and the Australian Reserve Bank will be delivering the minutes from its last meeting. The BOJ could hint of further QE measures and the ARB could hint of a slowing interest rate tightening cycle. As always keep your trades KEANE and play it safe.
EURUSD BREAKS OUT OF THE RANGE
The EURUSD managed to gather a bit of steam to start the week a broke out of the narrow range that contained it for the majority of last week between 1.2780 and 1.27. A hold above this level favors a move higher towards 1.2885. If the pair falls back below the 1.2780 level the upwards bias would be lower once again. The EURO Finance Minister meet in Greece tomorrow and positive result could push the EURO higher in the short-term.
Sup 1.2780 1.27
Keane Plan….Favoring a move higher as long as the pair remains above 1.2780.
GBPUSD DRIFTING AROUND 1.5903
The GBPUSD has slowly been contemplating its next move. The cross is resting near the pivot at 1.5903 over the last 24 hours. A break above exposes 1.5960 followed by 1.60. A hold at these levels and move back towards 1.5808 could be in the cards.
Pivot 1.5903 ( 50 Fib)
Sup 1.5808 ( .618 Fib)
Res 1.5992 (.382 Fib)
Keane Plan…Watching the pivot at 1.5903 for clues.
USDJPY BANK OF JAPAN ON DECK
The USDJPY has managed to maintain its footing above past resistance between 81/80.60. A hold above this level favors a move towards 81.85 followed by 83.20. The Bank Of Japan Rate decision is due in early Asian trading and could add a bit of insight to the political situation in Japan.
Res 81.85 83.20
Keane Plan….Favoring a move higher above 80.60
To Access Daily Wake Up Call Videos, Current KEANE TRADES and Private Twitter Feed Click HERE
Non subscribers can have a Free 1-week trial HERE