EUR/USD â�,�“ It appears as if the pair has completed the first corrective wave as a zigzag from 1.2970 to 1.2700.  Current price is resisted by the 38.2% of 1.2970-1.2700 at 1.2803.  The current rally is a correction of the larger correction but it is possible that it trades all the way to the confluence of the 61.8% fibo of 1.2970-1.2700 / downward sloping trendline from 1.2970 at 1.2866 before resuming the larger corrective move (of the uptrend).  A break above 1.2866 would negate these bearish implications and probe the 1.2970 high.  Also of note is that the pair closed below the 10 day SMA yesterday for the first time since 4/14 â�,�“ price then was at 1.2111.

USD/JPY â�,�“ USD/JPY made one more leg down before correcting back towards 111.00 and breaking it to nearly challenge the 5/11 high at 111.55.  Like EUR/USD the drop from 111.33 is a correction of a correction and will likely be slow choppy.  Immediate supports are at the 38.2% and 61.8% fibos of 108.96-111.33 at 110.43 and 109.88.  Further, yesterdayâ�,��"�s large outside day supports a material correction â�,�“ to possibly the 38.2% or 50% fibos of 118.87-108.96 at 112.75 or 113.91.  Immediate resistance is at the confluence of the 23.6% fibo of the decline from 118.87 / 5/17 high at 111.29/33.

GBP/USD â�,�“ Cableâ�,��"�s correction of the larger uptrend has lacked the conviction of the other pairsâ�,��"� corrective moves â�,�“ a testament to the overall strength of the move to 1.9000+.  Still, the move is corrective and additional weakness is suggested by the long reverse hammer on the daily chart.  The correction on the hourly chart is taking the shape of an ascending triangle â�,�“ a particularly bullish pattern and therefore another test of 1.9000 is not out of the question over the next few days.  A break below the triangle pattern exposes the 5/10 high at 1.8727 followed by the 5/11 low at 1.8530.

USD/CHF â�,�“ USD/CHF is very similar to EUR/USD but is of course the inverse.  As such, it is slowly making its way to the lower supporting trendline from the corrective channel.  This point is support and is also near the 38.2% of 1.1919-1.2186 at 1.2085.  If the pair does trade to and hold that support then a bout of strength towards the 1.2187 high from yesterday is possible.  A break below the supporting trendline (on chart below) would target the 1.1919 low from Monday.  Longer term resistance is at the 5/11 high of 1.2304.

USD/CAD â�,�“ USD/CAD was rejected at 1.1165 tonight â�,�“ a resistance zone we described yesterday that was fortified by the â�,��"23.6% fibo of 1.1771-1.0969 / 5/2, 5/9, 5/15 highs / 20 SMAâ�,�.  There is compelling evidence that we are very close to an interim end in this long decline.  Long advances and declines can be broken into 5 waves.  Dividing the wave near the end of a corrective 4th wave often projects the end of the decline (or advance) by a Fibonacci multiple (.382 or .618).  The chart below shows that we are very close to the 131.8% fibo.  However, a break below 1.0897 would suggest that the end of the decline is not until the 161.8% fibo at 1.0373.

AUD/USD â�,�“ The 10 day SMA held Aussieâ�,��"�s correction of a larger correction at bay and the pair has since reverted to weakness.  The hourly chart is similar to EUR/USD in that the corrective move has taken the form of a zigzag.  Support and resistance is connoted by the trendlines that form the corrective channel â�,�“ about .7675 for resistance and .7525 for support.  CCI is below 0 for the first time since 4/4 when the pair was closed at .7202.

NZD/USD â�,�“ Kiwi has spent time in a downward sloping channel after plummeting from .6450-.6200 last week.  It is still important to keep in mind that the head and shoulders reversal pattern calls for more weakness as the pair has tested its neckline twice this week.  With so many tests â�,�“ a break below could be violent.  Support is below at the 61.8% fibo of .5991-.6217 at .6165 followed by the 76.4% fibo at .6098.  A break above the left shoulder high at .6372 would decrease probability of this reversal to the downside playing out.

Jamie Saettele is a Technical Currency Analyst for FXCM.