EUR/USD - Euro bulls once again tried to push the pair above the 1.1700 handle only to see their attempts thwarted by the defending dollar longs. A move to the downside will most likely see the greenback bulls push the pair below the 1.1700 handle and take on the single currency defenses around 1.1653, a level marked by October 22 daily low with sustained momentum to the downside most likely seeing the greenback bulls taking on the euro bids around 1.1546, a level established by the October 17, 2003 daily low and a gateway toward the psychologically important 1.1500 handle. A break below the 1.1500 figure will most likely see the pair head toward the 1.1379, a level established by the November 7, 2003 daily low, at which point the dollar longs will most likely consolidate their gains before continuing their advance. Indicators are favoring dollar longs with both momentum indicator and negative MACD below the zero line, while extremely oversold Stochastic gives the euro bulls a chance to retaliate.
 
USD/JPY - Japanese Yen longs once again defended the psychologically important 120.00 handle after another attempt by the greenback longs to crush the yen opposition. A counterattack by the yen longs will most likely see the pair head toward the 118.00 figure, and with a break to the downside most likely seeing the yen long push their way toward the 117.13, a level defended by the 20-day SMA. A further move to the downside will most likely see the yen bulls test the dollar bids around 116.87, a level established by the November 8 daily low. Indicators remain supportive of the dollar longs with both momentum indicator and MACD treading above the zero line, with ADX above 25 at 42.66 signaling an existence of a maturing trend not a direction of one, while overbought Stochastic and RSI both add to the trending outlook.

GBP/USD - British pound bulls remained in disarray after the attack launched by the dollar longs pushed the pair below 1.7284, a level marked by the previous 2005 Low. A further attack by the greenback bulls will most likely see the sterling longs head lower and try to mount a counter attack around 1.7086, a level marked by the November 20, 2003 daily high. A further collapse of the cable's defenses will most likely see the pair break below the psychologically important 1.7000 handle and target the pound bids around 1.6877, a level established by the November 28, 2003. Indicators are favoring dollar longs with both momentum indicator and negative MACD below the zero line, while overbought Stochastic give the sterling longs a chance to retaliate.

USD/CHF - Swiss Franc longs once again retreated above the 1.3200 figure as the pair continued to hover around the new 2005 haigh. A further move to the upside will most likely see the greenback longs target the Swissie offers around 1.3389, a level established by the October 3, 2003 daily high, and with sustained momentum on the part of the dollar longs will most likely seeing the greenback bulls head above the psychologically important 1.3500 figure and tackle the Swiss Franc defenses around 1.3525, a level marked by the September 29, 2003 daily high. A break above the 1.3500 will most likely see the Swiss Franc retreat toward the 1.3780, a level marked by the November 6, 2003 daily high. Indicators are favoring dollar longs with both momentum indicator and positive MACD above the zero line, while overbought Stochastic gives the Swissie longs a chance to retaliate.

USD/CAD - Canadian dollar bulls continued to tread sideways as US dollar longs continued to consolidate below the psychologically important 1.2000 handle. A break above the 1.2000 figure will most likely see the pair test Loonie's defenses around 1.2027, a level established by the 38.2 Fib of the 1.2730-1.1592 CAD rally, thus seeing the Loonie bulls give up the control to the psychologically important 1.2000 handle. A further collapse of the Canadian dollar defenses will most likely see the greenback take on the Loonie offers around 1.2159, a 50.0 Fib of the 1.2730-1.1592 CAD rally. Indicators are favoring dollar longs with both momentum indicator and positive MACD above the zero line, while neutral oscillators give either side enough room to maneuver.

AUD/USD - Australian dollar bulls continued to bounce around the .7300 handle as greenback longs consolidated some of their gains following the recent rally. A move below the .7300 handle will most likely see the Aussie bulls retreat toward their defensive position at .7263, a level established by the fresh 2005 Low, with a further move to the downside most likely seeing the pair tumble toward .7224, a level marked by the October 19, 2004 daily low. A sustained momentum on the part of the greenback bulls will most likely see the Australian dollar longs give up more territory as they retreat toward the .7133, a level established by the August 14, 2004 daily low. Indicators are signaling trading conditions with ADX above 25 at 33.02, signaling an existence of a trend, not a direction of one, while both momentum indicator and negative MACD remain below the zero line, with oversold Stochastic adding to the trending outlook.

NZD/USD - New Zealand dollar bulls once again failed to push back the their US dollar counterparts as the price action stalled around .6870, a level established by the 23.6 Fib of the .7468-.6681 USD rally. Retaliation by the US dollar longs against the Kiwi bulls will most likely see the greenback push the pair back below the .6800 figure, and with sustained momentum seeing the pair taking on the New Zealand dollar bids around 6773, a level established by the July 28 daily low. A further break to the downside will most likely see the pair tumble toward the .6687, a 2005 Low. Indicators are signaling trading conditions with ADX above 25 at 26.02, signaling an existence of a trend, not a direction of one, while both momentum indicator and negative MACD remain below the zero line, with neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.