EUR/USD â�,�“ EUR/USD gained yet again and bulls enjoyed a brief moment above the 1.2400 handle however, the 1.2412 high was rejected by the 38.2% fibo of 1.3666-1.1640.  Longer term bullish signals continue to accumulate as the 50 day SMA just crossed above the 200 day SMA for the first time since 10/18/2004 at 1.2493.  Nevertheless, the massive negative divergence with oscillators and a negative MACD cross on the hourly suggest that a short term top is in place.  Support comes in at the confluence of the 4/6 high / yesterdayâ�,��"�s low / 23.6% fibo of 1.2068-1.2412 at 1.2332.  A break below targets the 4/21 low / 10 day SMA at 1.2265/73. 

USD/JPY â�,�“ The Yen strength yesterday was quite impressive.  In fact, USD.JPY has fallen through its 10, 20, 50, 100, and 200 days SMAâ�,��"�s in the last 6 days.  A very short term double bottom at 114.25 combined with positive divergence from RSI on the hourly favors some digestion of the recent freefall.  Resistance begins from the 23.6% fibo of 118.82-114.23 at 115.31 with the 200 day SMA just above at 115.50.  A resumption of the move down challenges the 1/12 (and 2006) low at 113.41 with additional weakness exposing the 50% fibo of 104.18-121.38 at 112.75.

GBP/USD â�,�“ Cable found bids today as well and challenged its 4/20 high of 1.7929 only to form its own short term double top.  More disconcerting to the bulls is the longer term double top at 1.7934 produced from the 1/25 and 4/19 highs.  Also interesting on the daily chart is that the pair crossed below the upper Bollinger band on 4/20 â�,�“ an occurrence that has signaled reversals to the downside with great accuracy.  The previous 3 instances were on 9/6/2005, 10/26/2005, and 12/14/2005 and all preceded declines in price.  If this current cross below the upper Bollinger band plays out like the previous three, then look for support at the 4/21 low of 1.7750 with a break below giving way to the 4/18 low / 23.6% fibo of 1.7248-1.7935 at 1.7675/77.  A daily close above 1.7934 is required in order to give scope to a resumption of the uptrend.  Resistance comes in at the 38.2% fibo of 1.9550-1.7046 at the psychological 1.8000.

USD/CHF â�,�“ USD/CHF mirrors EUR/USD and resumed its descent after the correction late last week took the pair above the 1.2800 figure.  A double bottom from the 4/19 and 4/24 lows at 1.2648/55 points to a correction of the recent Swissie strength just as the other majors look poised to correct from their recent strength against the US dollar.  Resistance from yesterdayâ�,��"�s 1.2754 high is protected with the 23.6% fibo of 1.3058-1.2648 at 1.2745.  A break above that zone exposes the 4/21 high of 1.2822.  A break below the 4/19 low of 1.2648 argues for a continuation of the downtrend towards the 1/23 low at 1.2559.

USD/CAD â�,�“ USD/CAD continues to digest recent losses, but a doji on the daily gives scope to an upside reversal.    With daily oscillators more or less moving sideways just above oversold levels, we see few clear cut directional clues.  The pair remains trapped in a range until a break of the 4/20 high at 1.1422 or the 4/24 low at 1.1338.  Consider the area bound by these two prices a sort of no manâ�,��"�s land.  Resistance comes in at the 4/20 high of 1.1422 with a break targeting the 4/17 high at 1.1532.  To the downside, 1.1297 remains the target / support with a break exposing the November 1991 low at 1.1189.

AUD/USD â�,�“The pair continues to trade at its 200 day SMA of .7463 which remains initial resistance with additional resistance coming in at the 61.8% fibo of .7761-.7013 at .7476.  The trendline stemming from March 2005 rests near 1.7576 strengthens resistance at that level.  In the event that buyers can push through the ceiling made by the 3/2, 3/3, and 4/19 highs at .7481/85, the pair targets the confluence of the 1/31, 2/1 highs / 76.4% fibo of .7761-.7013 at .7585.  A double top from the 4/19 and 4/24 highs at .7481 threatens bulls and gives possibility to a reversal.  Yesterdayâ�,��"�s low at .7363 is initial support with a break below targeting the 61.8% fibo of .7237-.7481 at .7330.

NZD/USD â�,�“ The Kiwi reversed course yesterday after briefly trading above the upper Bollinger band on the daily and 38.2% fibo of .6916-.5991.  We mentioned yesterday that â�,��"hourly oscillators are a bit overbought and show slight negative divergence, suggesting that the recent .6240-.6371 rally may be coming to an endâ�,�.  The pair has since traded down below .6300, forming negative divergence with oscillators on the hourly in the process.  Still, resistance comes in at yesterdayâ�,��"�s low of .6265 with a break below targeting the 4/20 low of .6239.  A continuation of the range sees a possible bounce to the 38.2% of .6371-.6265 at .6305 with additional gains possible challenging the 50 day SMA at .6354.

Jamie Saettele is a Technical Currency Analyst for FXCM.