AUDUSD The Fireworks Start Next Week

Price action was muted last week in the AUDUSD.  The pair spent the majority of its time in a tight 70 pip range.  This could change next week , with the release of multiple data points for this pair.  The fireworks begin on Tuesday with the release of the Reserve Bank Rate Decision.  Where a rate cute is widely anticipated.  The data continues to flow on Wednesday, with the release of the GDP figures followed by the employment report on Thursday. This data should assist in knocking this pair about a bit and give trades a better understanding of the current state of the economy.

To finish the week the pair managed to break below trend line support and range support at 1.0435.  The cross could not gather the momentum to continue its move lower, but the longer the cross remains below this level favors a larger move lower.  Support begins at 1.0350 followed by 1.03.  A move back above the ascending TL could lock the pair back into the chop zone between 1.0485/1.0430.

Sup              1.0350                    1.03

Res               1.0430/.485

Keane Plan...Favoring a move lower from this point.

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