EUR/USD â�,�“ EUR/USD gained yet again and bulls have tried with all their might to hold 1.2400.  The last two dayâ�,��"�s highs have been rejected by the long term trendline that begins at the 1.3666 high on 12/30/2004 and the path of least resistance remains sideways/down until a break of the year + line.  As mentioned yesterday, 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.  However, hourly oscillators are sloping down from overbought levels favoring a contra move in the short term.  Support comes in at the confluence of the 4/6 high / yesterdayâ�,��"�s low / 23.6% fibo of 1.2068-1.2439 at 1.2351.  A break below there targets the 4/24 low at 1.2332 as well as a test of the 38.2% fibo at the psychological 1.2300.

USD/JPY â�,�“ Recent Yen strength consolidated yesterday and formed an inside day outside of the lower Bollinger band on the daily, suggesting a possible short term reversal.  Hourly MACD has gradually moved to its zero line but momentum is slowing.   Resistance sits just above at the 23.6% fibo of 118.82-114.22 at 115.31 with the 200 day SMA at 115.50.  A daily close below the 4/24 low at 114.24 is required to confirm a continuation of weakness towards the 1/12 low at 113.41.

GBP/USD â�,�“ Cable got caught in a tug of war today between buyers and sellers, forming a doji on the daily and opening up the possibility of a reversal.   The longer term double top at 1.7934 produced from the 1/25 and 4/19 highs has thwarted attempts by bulls to reach the psychological 1.8000 figure.  As mentioned yesterday, if the recent cross below the upper Bollinger band plays out like the previous three (on 9/6/2005, 10/26/2005, and 12/14/2005), 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 yesterdayâ�,��"�s high at 1.7941 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, like GBP/USD, formed a doji on the daily yesterday right at its 61.8% fibo of 1.2239-1.3283 at 1.2639.  As mentioned yesterday, â�,��"a double bottom from the 4/19 and 4/24 lows at 1.2648/55 points to a correction of the recent Swissie strengthâ�,�¦â�,�.  The doji only reinforces this short term view.  Resistance comes in at the 4/24 high of 1.2754 with a break above targeting the 38.2% fibo of 1.3058-1.2639 at the psychological 1.2800.  A break below yesterdayâ�,��"�s 1.2639 low argues for a continuation of the downtrend towards the 1/23 low at 1.2559.

USD/CAD â�,�“ USD/CAD took out the previous four dayâ�,��"�s lows, stopping just before the 1.1297 low made on 3/2.  Hourly RSI is rising from oversold levels and a recent MACD positive cross gives scope to a corrective move.  An aggressive bullish position is dangerous at the moment considering that the pair has held below its 10 day SMA for all of April.  In any event, resistance comes in at the confluence of yesterdayâ�,��"�s high / 10 day SMA at 1.1390/1.1400.  To the downside, 1.1297 remains the support with a break exposing the November 1991 low at 1.1189.

AUD/USD â�,�“The pair continues to trade just south of its 200 day SMA of .7462, 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 1.7580 has held its ground and a break above it is required in order to take a bullish stance.  In the event that buyers can push through the ceiling made by the trendline, 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 threaten 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 weakened slightly yesterday as it crept below the previous four dayâ�,��"�s lows.  The pair found support right at the confluence of the 38.2% fibo of .5991-.6371 / 4/18 low at .6227.  Both daily and hourly oscillators are turning over and currently favor shorts.  Further, the pair has remained below the 50 day SMA since 1/17 and tested it on two occasions with the most recent test occurring two days ago.  The proximity of the 50 day SMA limits upside risk and serves as resistance at .6344.  Support comes in at the mentioned 38.2% fibo at .6227 with a break below targeting the 50% fibo of .6182.

Jamie Saettele is a Technical Currency Analyst for FXCM.