EUR/USD - Euro bulls kept the control of the price action as the pair remained 1.2045, a level marked by the 200-day SMA. A further move to the upside will most likely see the single currency longs advance above the 1.2100 and target greenback offers around 1.2111, a level established by the 50.0 Fib of the 1.2588-1.1639 USD rally. A further break to the downside will most likely see the pair head higher and test dollar offers around 1.2189, a level marked by the January 31 daily high. A sustained momentum on the part of the single currency longs will most likely see the pair head higher and target 1.2225, a level created by the 61.8 Fib of the 1.2588-1.1639 USD rally. A further advance by the EUR/USD will most likely see pair target the greenback offers around 1.2322, a level marked by the January swing high. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver. 

USD/JPY - Japanese Yen longs kept the pair below 118.00 figure as pair stalled around 117.35, a level established by the 23.6 Fib of the 104.16-121.46 USD rally and is further reinforced by the 20-day SMA. A further move below will most likely see the pair break below the 117.00 figure and target dollar bids around 116.82, a level marked by the 50-day SMA and with a further move to the downside seeing USD/JPY test greenback defenses around 115.93, a level created by the January 17 daily high. A sustained momentum to the downside will most likely see the USD/JPY target greenback bids below the psychologically important 115.00 handle at 114.80, a level established by the 38.2 Fib of the 104.16-121.46 USD rally. Indicators are favoring dollar longs with both positive momentum indicator and MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver. 

GBP/USD - British pound longs continued to dominate the price action as pair staled above the 20-day SMA at 1.7470.  A further move to the upside will most likely see the pair extend its rally above the psychologically important 1.7500 handle and target greenback offers around 1.7535, a level marked by the January 20 daily low and is reinforced by the 50-day SMA. A sustained momentum will move likely see the pair head higher and with a break above 1.7610, a level established by the 38.2 Fib of the 1.8500-1.7048 USD rally targeting 1.7677, a 200-day SMA. A further move on the part of the sterling bulls will most likely see the pair extend its rally toward 1.7721, a level marked by the 50.0 Fib of the 1.8500-1.7048 USD rally. Indicators are favoring dollar longs with both negative momentum indicator and negative MACD trading below the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CHF - Swiss Franc bulls managed to break below the psychologically important 1.3000 handle after collapsing greenback bids around 1.3038, a level marked by the 23.6 Fib of the 1.2240-1.3285 USD rally. A further move to the downside will most likely see the USD/CHF extend its decline toward 1.2943, a level create by the 50-day SMA and with a further move to the downside most likely seeing the pair test the dollar defenses around 1.2890, a level established by the 38.2 Fib of the 1.2240-1.3285 USD rally and is further reinforced by the 200-day SMA. A sustained momentum on the part of the Swiss Franc longs will most likely see the USD/CHF extend its decline toward 1.2769, a level defended by the 50.0 Fib of the 1.2240-1.3285 USD rally Indicators are favoring dollar bulls with both positive momentum indicator and positive MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

USD/CAD - Canadian dollar bulls continued to dominate the price action with the USD/CAD slowly ending to the downside. A further move to the downside targeting greenback bids around the psychologically important 1.1500 handle, a level defended by the combination of the 50-day and 20-day SMA's. A further move on the part of the Canadian dollar longs will most likely see the pair extend its decline below the 1.1400 handle and target greenback bids around 1.1372, a level defended by the January 31 daily low. A sustained momentum on the part of the Canadian dollar bulls will most likely see the pair extend its decline and with a break below 1.1300 figure , a level defended by the March 2 daily low most likely seeing USD/CAD extend its decline below 1.1200 figure. Indicators are mixed with positive momentum indicator diverging from negative MACD above the zero line, while neutral oscillators give either side enough room to maneuver.

AUD/USD - Australian dollar bulls failed to push the pair higher as the AUD/USD remained above .7344, a level marked by the February 22 daily low. As Aussie longs continue their advance, a break to the upside will most likely see the pair target the US dollar defenses around .7412, a level defended by the 23.6 Fib of the .7798-.7236 USD rally and with sustained upside momentum most likely seeing Australian dollar traders target greenback offers around .7444, a 50-day SMA. A further advance on the part of the Aussie bulls will most likely see the pair target the psychologically important .7500 handle, a level defended by the 200-day SMA. However in case AUD/USD fails to maintain an upside momentum, a reversal will most likely see the pair break below .7304 figure, a level marked by the March 10 daily low and with further move on the part of the US dollar bulls most likely seeing the pair extend it decline toward .7234, a level established by December 27 daily low. Indicators are mixed with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators give either side enough room to maneuver.

NZD/USD - New Zealand dollar longs failed to test the greenback offers around the psychologically important .6500 handle, a level defended by the 61.8 Fib of the .5914-.7466 NZD rally and once again tumbled below the .6400 figure. A further move to the downside will most likely see the pair target Kiwi's bids around .6246, a level marked by the 78.6 Fib of the .5914-.7466 NZD rally. A sustained momentum to the downside will most likely see NZD/USD extend its decline below .6200 figure and target Kiwi's bids around .6155, a level defended by the June 3, 2004 daily low, thus confirming an existence of a trend targeting the psychologically important .6000 handle. Indicators are favoring US dollar longs with both negative momentum indicator and positive MACD above the zero line, while ADX above 25 at 42.79 signals an existence of a trend, not a direction of one, with oversold Stochastic adding to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.