EUR/AUD - Euro remains confined within a large trading range that dominated the price action since the end of 2005 with the latest swing to the downside to testing the bids around 1.6047, a level defended by the combination of 23.6 Fib of the 1.7712-.5532 AUD rally, a 200-day SMA a 50-day SMA and 20-day SMA. A breakdown of the level of such magnitude will most likely see the cross head lower and test the bids around 1.5895, a level established by the November 11 daily low. A further move to the downside will most likely see the EUR/AUD head lower and with a confirmed break below 1.5757, a level established by the September 20 daily low, most likely seeing the cross target the euro bids around 1.5598, a level established by the October 4 daily low. However in case the breakdown fails to materialize, a further move to the upside will most likely see the cross head higher and with a move above 1.6200, a February trading range high, most likely heading higher and aiming for 1.6368, a level marked by the 38.2 Fib of the 1.7712-.5532 AUD rally. Indicators are favoring Australian dollar longs with both negative momentum indicator and MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/CAD - Euro bulls continued to keep the cross in a narrow trading range as price action stalled above the psychologically important 1.3500 handle, a level defended by the 78.6 Fib of the 1.2569-1.6978 EUR rally 1.3512. A break move below the psychologically important 1.3500 handle will most likely see the cross aim for 1.3313, a level marked by the December 13, 2000 daily low. However in case Loonie longs fail to keep EURCAD below 1.3684, a level marked by the 20-day SMA, a further move to the upside will most likely see the cross head higher and target 1.3850, a level defended by 50-day SMA. A further move on the part of the single currency longs will most likely see the cross break above the psychologically important 1.4000 handle and target Canadian dollar bids above 1.4050, a level established by the December 20 daily high. Indicators are favoring the Canadian dollar longs, with both negative momentum indicator and MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

EUR/NZD - Euro longs once again failed to push the cross above 1.8046, a level established by the 61.8 Fib of the 1.9160-1.6240 EUR rally. A reversal and a move to the downside will most likely see New Zealand dollar bulls push the cross further below the psychologically important 1.8000 handle and aim for the single currency bids around 1.7702, a level marked by the 50.0 Fib of the 1.9160-1.6240 EUR rally and is further reinforced by the 20-day and 50-day SMA's. A sustained momentum on the part of the Kiwi traders will most likely see the EUR/NZD head lower and target the next psychologically important level at 1.7500, a level protected by 200-daty SMA at 1.7429. A further advance by the New Zealand dollar bulls will most likely see the cross head lower and target the euro defenses around psychologically important 1.7000 handle, a level defended by the 23.6 Fib of the 1.9160-1.6240 EUR rally at 1.6932. Indicators are favoring the Euro longs, with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 31.03 signaling an existence of a trend not a direction of one, while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.