The trading atmosphere was dull today as traders seemed content to remain on the sidelines until the majors find a spark to rekindle volatility. That spark could rest in Asian Trading on Thursday with the release of the AUD Employment report. Estimates are for a reading of +5K and 5.3%. A divergence from these figures positive or negative could add a bit of wood to the fire. All Eyes will be on the AUDUSD and the AUDJPY after the release. A break of the range in the AUDUSD and the triangle in the AUDJPY would be a welcome sight to traders. As always keep your trades KEANE.
EURUSD WEDNESDAY SIESTA
The EURUSD has remained in a narrow, uninspired drift for the last 36 hours. Something needs to shake the pair out of its slumber. Jobless reports from Australia and the United States could do just the trick. Support begins with the weekly low at 1.2835 followed by the 200 day MVA at 1.2820. It would take a push below these levels to test the lows from the last few weeks at 1.28. So you can see that support is stacked between 1.2835/00, but a break would expose September’s Fibs. Starting with the .382 fib at 1.2734.
Sup 1.2835/00 .382 Fib 1.2724 .50 fib 1.2602
Keane Plan….Looking for a shakeout of the current drift. Watching support stacked
GBPUSD TOOK HUMP DAY OFF
There is not much to say about this pair at the moment. The cross seems very comfortable resting at the 1.60 .382 fib level. It will take a break of hold of this price to restart the engine. A solid break of this level exposes the .50 fib from Septembers Advance at 1/5903. A bounce runs into resistance relatively quickly at 1.6050.
Keane Plan…Looking for a break or hold of the 1.60 level
AUDUSD EMPLOYMENT REPORT ON DECK
All Eyes will be on the Australian jobs report in Asian trading. Economist are predicting an increase of 5k with a 5.3% average. A weaker than expected reading could send the pair pushing lower. While the inverse is true regarding a strong reading. Resistance for the pair begins at 1.0270 and support is staggered between 1.0175/.0150. It would take a break of this zone to kick volatility back in the pair.
Sup 1.0175/50 1.01 1.00
Keane Plan…..Watching for a break of the current range.
USDCAD IS LOOKING HIGHER
On A day of consolidation across the board the USDCAD did manage to slowly push higher. The pair is currently testing resistance around the .98 level. A daily close above this level could be the spark needed to send this pair higher.
Res .98 .9885
Keane Plan….. .98 is the Bull/Bear line. Waiting for the cross to choose