EUR/AUD â�,�“ Yesterdayâ�,��"�s bullish engulfing pattern on the daily chart comes right at the 1.6500 figure, slightly below the 38.2% fibo of 1.5608-1.7109 at 1.6536.  A 14 day slow stochastic positive crossover below 20 favors bulls as does RSI turning up.  Further, the 50 remains > 100 > 200 day SMA, indicating that the latest decline from 1.7100 could just be a shorter term dip in a much larger uptrend.  Strength has stalled at the 23.6% fibo of 1.7110-1.6502 at 1.6645.  A break above targets the 38.2% fibo / 3/23 low at 1.6727/34.  On the hourly, RSI has come down from 66 to 50, indicating that a correction of yesterdayâ�,��"�s gains is quite possible.  The 50% fibo of 1.6500-1.1.6668 at 1.6584 serves as support with a break below targeting the 4/12 low at 1.6500.  A daily close below 1.6500 favors a resumption of downward move.

EUR/CAD â�,�“ EUR/CAD turned up yesterday, finding support at the 50 day SMA of 1.3861 prior to rallying and taking out the three previous dayâ�,��"�s highs.  Daily oscillator action looks similar to that of EUR/AUD â�,�“ with the positive stochastic cross occurring below 20.  Resistance came in yesterday at the 23.6% of 1.4363-1.3836 at 1.3959.  Gains beyond todayâ�,��"�s 1.3964 high expose the confluence of the 38.2% fibo / 20 SMA at 1.4036/47.  The 4/12 low of 1.3836 acts as support and sits just above the 61.8% fibo of 1.3493-1.4363 at 1.3826.  A break below the 61.8% fibo may see an attack on the 76.4% fibo at 1.3699. 

EUR/NZD â�,�“ Commentary last week noted that â�,��"â�,�¦the last two candles on the weekly chart â�,�“ with their long upper wicks suggest weakness going forward.  Downside moves target the 4/3 low at 1.9541.â�,�.  The scenario played out as planned with the euro giving up almost 600 pips this week to the Kiwi before bottoming out at 1.9336, just before the 23.6% fibo of 1.6318-2.0227 at 1.9308.  The area between 1.9308 and the 1.9336 low serves as the initial support zone.  Daily oscillators favor downside moves with 14 day momentum turning negative yesterday and RSI sloping down towards 50.  Weakness beyond the 1.9307 23.6% fibo opens up the possibility for a test of the 3/24 low at 1.9136.  A stronger bounce from the 1.9336 runs into support the 50% fibo of 2.0223-1.9336 at 1.9779 with additional gains targeting the 61.8% at 1.9884.

Sam Shenker is a Technical Currency Analyst for FXCM.