By DailyFX – EURAUD * The euro has gained against the Aussie over the last week, before being resisted by the 61.8% fibo of 1.7111-1.6361… … at 1.6828. The pair is trading in a small consolidation pattern on the hourly chart between 1.6685 and 1.6835.

With the recent major and minor trends both
up, the path of least resistance is up and a break above consolidation
would target the 78.6% fibo of the 1.7111-1.6361 decline at 1.6950.
Support is at the lower end of the mentioned corrective pattern. Daily
oscillators favor longs as evidenced by increasing values.

EURCAD * The hourly chart of EUR/CAD shows a completed 5 wave sequence
at the 1.4417 high of today, which is right at the 161.8% fibo extension
of 1.4162-1.3910 (1.3991+(1.618*(1.4162-1.3910)) = 1.4405). Such
Fibonacci relationships often mark the end of moves. If this holds up,
then we are currently trading in a corrective pattern that could be
choppy for a while before bears see any significant declines. Support
is at the 23.6% and 38.2% fibos of 1.3910-1.4417 at 1.4298 and 1.4224.
Resistance going forward is at the 5/15 high at 1.4377 and tonight's
high at 1.4417. Negative divergence with CCI on the daily also suggests
weakness going forward.

EUR/NZD * The euro gained against the Kiwi last week and trades in a
5th wave of a bull rally around 2.0600. Immediate resistance stems from
the 5/15 high at 2.0834. The next area of resistance can be gauged by
taking the length of wave 1 and adding it to the beginning of wave 5 to
approximate an end to the 5 wave rally (waves 5 and 1 are often the same
length or close to it when there is a 3rd wave extension). This would
place the resistance at 2.1184. However, RSI, MACD and momentum all
show negative divergence with price on the daily chart, giving scope to
a decline. Support is at the 4/4 high of 2.0226 followed by the 23.6%
fibo of 1.6320-2.0831 at 1.9773.

Jamie Saettele
Technical Currency Analyst
Forex Capital Markets LLC
New York, NY 10005
Tel (212) 897-7660
Fax (212) 897-7669
Toll Free 888-503-6739
jsaettele@dailyfx.com