Currency Trading Strategies

Next Week’s Trading Plan

The tide came in last night in Asia and swept back out in Europe. Many pairs appeared to be breaking out of week-long trend only to gain against the dollar into the week close. Many pairs are resting on major support and resistance level heading into next week. The GBPUSD is creeping towards monthly resistance at 1.63. The AUDUSD and EURUSD are both also resting on major resistance zones. It will be interesting to see how these pairs react during the opening of trading next week. Have a great weekend and as always keep your trades KEANE going into next week.

EURUSD Up We Go

The pair did its best to shack out any weak shorts or longs over the last 24 hour. The EURUSD appeared to be primed to break below its ascending support trend line in Asian trading only to scream higher in Europe and early New York. The cross appears to settling in at the 1.3250 level heading into the close in North America. This level is significant due to daily price resistance and a daily channel top that has contained the pair since last August intersects price action in this region. Support begins at 1.3150 followed by 1.30.

Support 1.3150 1.30
Resistance 13250 1.3380

GBPUSD Like Hot Air It Rises

This pair is a bit of a mystery at the moment. It had a lower than expected GDP print. It is believed the British Economy is slipping back into recession. The BOE has suggested more QE may be necessary and yet the pound continues to rise. I guess if everyone is already short the only direction to go is up! Resistance can be found at 1.62 followed by daily trend line resistance at 1.63. Support is strong at 1.6075.

Support 1.6075
Resistance 1.62 1.63

AUDUSD At its Range Top

As stated on Wednesday a push through trend line resistance at 1.0350 has lead to a move up to 1.0460. What now is the question? Resistance is right here right now, at 1.0460. A break of this level and we could see a move up to the 1.0550 area. A break below this price and the next stop could be back down at 1.0350. The opening range on Sunday could be telling of the price action in early week trading.

Support 1.0350
Pivot 1.0460
Resistance 1.0550

NZDUSD Trifecta Held

The trifecta of support at the .8125 price level catapulted the NZDUSD higher. The .8125 price represented the crossroads of the former trend line resistance turned support, actual trend line support and daily price support. Resistance is now at .8235 and support is past resistance at .8190.

Support .8190
Resistance .8235

USDCAD Ends on its lows

The USDCAD broke channel line resistance and started heading higher in Asian markets Friday morning. Only, as similar to all the other pairs, the bottom fell out. The USDCAD is sitting on day lows and daily price support at .98. A hold or break of this level will be critical heading into next week. A sustained move below this price could see a teat of the .9725 level. a push higher and the pair could make another run at .9870.

Support .9870
Pivot .9800
Resistance .9725