EUR/AUD ââ,¬â€œ EURAUD has definitively broken below the 11 month supporting trendline and price is now approaching the 9/5 low at 1.6592.  Perhaps more important is that the EURAUD is below the 200 day SMA for the first time since March.  The 10 day SMA is also crossing below the 20 day SMA.  A head and shoulders pattern that began in March is completing today as price probes the neckline.  The bearish target would be the 5/4 low at 1.6364.  Price must remain below the right shoulder high at 1.7138 in order to keep the bearish formation intact.

EUR/CAD ââ,¬â€œ Little has changed regarding the EURCAD.  The pair remains stuck in the 1.4070-1.4340 range that has persisted since late August.  A 7 month trendline is support near 1.4140.  The upward sloping channel that has formed off of that line is a long term wedge and once broken, the EURCAD could decline considerably ââ,¬â€œ eventually dipping below the 3/1 low at 1.3193.  In the short term, price is in the middle of the aforementioned range ââ,¬â€œ most recently bouncing from support.

EUR/NZD ââ,¬â€œ EURNZD appears to be forming a bottom as the decline has stalled at 1.8938 - just above the previous low of 1.8927 (9/26 low).  Divergence with daily oscillators at the last two lows (1.8927 and 1.8938) suggest that the downside is limited.  Additional support is the 50% fibo of 1.6318-2.11782 at 1.8752.  A break above the 10/2 high at 1.9529 would instill confidence in the upside.

Jamie Saettele is a Technical Currency Analyst for FXCM.