On Monday the GBPUSD was the star of the day.  The AUDUSD decided to bring its A game on Tuesday and broke into the spot light itself.  The AUDUSD pushed higher after the RBA lowered interest rated by 25 bps but hinted that they may have a wait and see view, from this point on.  Heading into Asian trading the AUDUSD will once again be on traders minds with the release of 3Q GDP.  Expectations are for a reading of 3.1%.  A stronger than expected reading could move the pair pass key resistance that rest just above.  As always, remember to keep your trades KEANE and play clean.

 

EURUSD GRINDS HIGHER

The EURUSD has continued its slow but steady climb higher into the new week.  The pair has drifted higher for the last three weeks.  Starting it’s climb higher around 1.27.  The cross is now firmly above the past resistance zone between 1.30/1.3020.  Resistance now begins at 1.3140 and support is at past support between 1.3020/1.30.  The pair appears to be a bit overbought at the moment and pullback could be in the cards.

Sup    1.3020

Res    1.3140

Kean Plan…RSI is peaking could be need of a pullback in the short-term.

GBPUSD STAR STUDENT OF THE WEEK…SO FAR

The GBPUSD has been the star of the week to date.  The pair broke above the top of the consolidation zone on Monday at 1.6050.  A hold above this level favors a move towards past resistance between 1.6180/1.62.  At the moment the pair is resting near mid-range.  A pullback towards the rising trend line the pair has followed higher would offer a nice position to enter long.

Sup    1.6050

Res    1.6180/1.62

Keane Plan… looking to play the larger range between 1.6180 and 1.6050

AUDUSD LOTS OF RESISTANCE ABOVE

The AUDUSD managed to push higher in European trading Tuesday after the RBA lowered interest rated by 25 bps.  After the announcement the reserve chairman suggested that the bank may take a wait and see approach, and hold on further rate cuts as they wait for the added liquidity to sink into the economy. 

The pair is now once again in the consolidation zone from last week between 1.0485 and 1.0435.  Resistance is staked above with daily support at 1.0485 and past trend line support at 1.0480.  A break of the 1.480/85 zone runs into resistance once again at 1.0520.  Plus, just above this level rest the descending trend line at 1.0530 that has contained the price action for over a year.  The path of least resistance is not to the topside. 

Sup   1.0435

Res   1.0480/85              1.0520                  1.0530

NZDUSD IN A LARGER RANGE BETWEEN 83 and 81

 

The NZDUSD similar to the AUDUSD has been a tricky number to trade as of late.  From a larger prospective the pair appears to be in a range between .83 and .81.  When looking at the pair with a narrower focus.  The cross has traded erratically for the last week or so.  Often following the lead of the AUDUSD.  Until the cross moves up or down to test the extremes of the range the sideline may be the safest location.

Sup   .82           .8170                    .81

Res   .8270       .83

Keane Plan…sidelined until the extremes of the range at .83 or .81 come into play.

USDCAD WHAT A BORE

The USDCAD has been in a slumber for the last few weeks of trading.  The pair has found a comfort range between .9950 and .99.  It will take a break of this range to add the spark back to this pair.  A break above .9950 could lead to another test of parity followed by the 50 fib at 1.0040.  A break below the bottom of the range finds support at .9870 followed by .9765.

Sup    .99                 .9870                     .9765

Res    .9950              1.0000                  1.0040

Keane Plan…Waitng for a break of the tight range between .9950 and .99.

USDJPY CONSOLIDATION,CONSOLIDATION,CONSOLIDATION

The USDJPY has continued its slow consolidation since moving higher from 79.50.  The pair is currently resting near daily support at 81.85.   A break of this level could open the pair up to a move down towards 81.  The 81/80.60 was the past resistance zone that capped price action before the push higher.  A retest of this level could find buyers.  Resistance begins at 83.20 followed by 84.

Sup     81.85                              81/80.60

Res      83.20

Keane Plan…Waiting for a retest of 81 or a push up towards resistance at 83.20

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