EUR/AUD ââ,¬â€œ EURAUD continues to hold above the range high at 1.6954. Oscillators are bullish but CCI is extreme, meaning that one should be wary of a reversal. In fact, the pair may be setting up for a head and shoulders reversal opportunity. This last bout of strength could be forming the right shoulder. Keep in mind also that there is an 8 year trendline just below 1.7200. The 9/22 high at 1.7075 is initial resistance.
EUR/CAD ââ,¬â€œ EURCAD continues to trade within the upward sloping channel that began in early March but price is testing the support line from that channel today. A break below could be material and target the 6/13 low at 1.3795. However, the likelihood of a break immediately is not great. The doji on the daily yesterday at the aforementioned trendline and oversold oscillators on intraday charts favor a rally attempt. Initial resistance is at the 9/27 high at 1.4174.
EUR/NZD ââ,¬â€œ EURNZD has digested losses and rallied to 1.9519 but the pair may be turning over again. A short term double top just above the 1.9500 figure and declining oscillators on the 240 minute and 60 minute charts both favor weakness. Interim support is todayââ,¬â"¢s low at 1.9256 but the 9/26 low at 1.8927 is the ââ,¬Å"make or breakââ,¬Â� level. The double top at 1.9506/19 is resistance. A push through there exposes the upper end of the downward sloping channel near the 9/8 high at 1.995.
Jamie Saettele is a Technical Currency Analyst for FXCM.