EUR/AUD ââ,¬â€œ The EURAUD remains in the triangle that began in May.  Triangles often consist of 5 waves (a thru e) and best count places this pair in the 4th wave of its triangle.  A 5th wave down within the triangle is where we are now.  Current price is testing the 50% fibo of 1.6429-1.7309 at 1.6703.  Additional support is at the 61.8% fibo at 1.6639.  The pair is just below resistance from the 200 day SMA, which is at 1.6798.                 

EUR/CAD ââ,¬â€œ The EURCAD topped out on 12/8 at 1.5338 to complete a well defined 5 wave bull sequence.  In Elliott parlance, a 5 wave affair is succeeded by a 3 wave affair in the opposite direction ââ,¬â€œ which may be in its infancy now.  The 12/11 low at 1.5093 is initial support and a break below there instills confidence in a deeper correction.  RSI has declined below 70 on the daily, which does not happen often.  Significant Fibo support does not come into play until the 38.2% of 1.4124-1.5340 at 1.4876.  1.5340 is critical resistance.

EUR/NZD ââ,¬â€œ The EURNZD is declining for the eighth day in a row.  A decline of 8 consecutive days occurred from 7/7 to 7/18 (see chart below), after which the pair bottomed out and rallied 900 pips.  We do not know of course whether a rally will ensueââ,¬Â¦.history rhymes but never repeats (exactly).  Initial support is at 1.8911 (11/3 low), followed by 1.8804 (10/23 low).  A break below 1.8804 could spell doom for bulls.  Focus would then shift to the 3/15 low at 1.8612.  A rally through the 12/6 high at 1.9498 brightens the bullish picture.

Jamie Saettele is a Technical Currency Analyst for FXCM.