EUR/USD â�,�“ The EURUSD has rallied to test the 10/13 high at 1.2577 today.  The important price level remains the shelf of support at 1.2456/81.  The 200 day SMA at 1.2478 reinforces support at this level.  A break below the 7/19 low at 1.2456 opens up the door for additional losses towards the 1/25 high at 1.2323.  As mentioned yesterday â�,��"it appears that 5 waves are down from 1.2765.  Fibonacci resistance begins at the 38.2% of 1.2765-1.2483 at 1.2590.â�,� 

USD/JPY â�,�“ The USDJPY made an outside day yesterday and has held above yesterdayâ�,��"�s low at 118.31.  240 minute oscillators have turned up and favor a continuation of strength from 118.31.  It is possible that the decline from 119.87 to 118.31 was the final leg of a 3 wave corrective move lower (a-b-câ�,�¦.see labeling below).  Only a break below the 5 month trendline drawn through 108.96 and 116.07 would turn the daily picture bearish.  That line is at 117.33 today.

GBP/USD â�,�“ Rallies continue to stall at 1.8730 as Cable has made a short term triple top.  240 minute RSI crossed below 70 two days ago and 60 minute RSI exhibits bearish divergence with price at the 1.8738 high.    A push above 1.8738 exposes the 78.6% of 1.8897-1.8515 at 1.816.  The 10/11 low at 1.8515 remains support â�,�“ a break lower opens up the door for a test of the 7/25 low at 1.8383.  The rally from 1.8522 may be the final leg of a 3 wave corrective move higher from 1.8515.

USD/CHF â�,�“ The USDCHF is currently testing the 10/17 low at 1.2638.  The wave structure is not as clear as the other majors â�,�“ but the highest probability right now is for one more high above 1.2769 in a 5th wave to complete a 5 wave bull sequence.  Price must remain above the 9/29 high at 1.2567 for the 5 wave scenario to play out.  A break above 1.2769 would expose the 4/21 high at 1.2822.  Price has slipped below the short term trendline (below), which does limit confidence in the bullish wave structure.

USD/CAD â�,�“ The USDCAD has retraced a portion of gains and is just below a supporting trendline that began on 9/28.  The slip below the trendline suggests that a deeper correction lower may be underway.  As such, Fibonacci support begins at 1.1288 (38.2% of 1.1085-1.1413).  Strength above 1.1413 probes the 7/24 high at 1.1456.

AUD/USD â�,�“ The Aussie has exceeded the 10/17 high at .7553 and therefore nullified the doji from that day.  The rally has extended to the 9/19 high at .7573 â�,�“ a break higher exposes the 78.6% fibo of .7721-.7413 at .7655.  Daily oscillators are strong and favor the upside.  It takes a dip back below .7488 to re-instill confidence in the downside.

NZD/USD â�,�“ Kiwi has traded within a 44 pip range the last two days and remains just below resistance from the 10/5 high at .6657.  The pair has consolidated between .6539 and .6657 since 10/2.  It takes a break of one of these barriers to establish some directional bias.  The 4 month trendline drawn through .5927, .6375, and .6545 is currently at .6561.  A two day close below there would imply a reversal lower.

Jamie Saettele is a Technical Currency Analyst for FXCM.