EUR/USD - With the 38.2% fibo of the 1.2519-1.2837 bull wave at 1.2716, EUR/USD may have completed a correction of the rally to 1.2837 at 1.2706.  If weakness materializes, then support is at the 1.2706 low as well as the 50% and 61.8% fibos of the aforementioned bull wave at 1.2678 and 1.2641.  The corrective move down favors a bullish bias with resistance at yesterday's high of 1.2837.  A push above exposes the 78.6% fibo of 1.2976-1.2481 at 1.2870.  However, the outside day on 7/5 at the upper Bollinger band is quite imposing.  The 6/27 high at 1.2618 must hold in order for the short term bullish bias to hold.

USD/JPY - Price remains below the confluence of the 10 and 20 day SMAs - which is resistance at 115.35/42.  The rally from the 114.10 low is 3 waves and therefore is corrective in nature but 115.78 needs to hold in order to keep the bearish scenario in tact.  If the 7/5 high at 115.78 holds as resistance, then price probes the 114.10 low from 7/3 as part of a larger 3rd wave decline.  Support would then be at the 61.8% fibo of 111.33-116.72 at 113.39.  A push above 115.78 could see the pair test the next resistance level at the 78.6% fibo of 116.60-114.10 at 116.07.

GBP/USD - Cable is little changed over the last 24 hours as the pair has traded within a tight range. Cable appears weaker than the other majors and may have more room to move lower - or a more difficult time moving higher.  A break below the 7/5 1.8325 low could test the 50% fibo of 1.8090-1.8494 at 1.8292 or the 6/27 high at 1.8262.  On the other hand, the rally from 1.8090 to 1.8494 is far more convincing than the decline from 1.8494 to 1.8325.  Thus, the latter is viewed as corrective which would suggest that the path of least resistance is higher towards the 50% fibo of 1.9025-1.8090 at 1.8557.

USD/CHF - USD/CHF is also little changed as the pair has slowly retreated from the 7/5 high at 1.2356.  Like EUR/USD (but the inverse), the rally off the 7/5 low at 1.2201 was a corrective 3 wave rally.  This suggests that the path is down (as long as the high at 1.2356 holds).  In this instance, the decline from 1.2356 would be a 1st wave down in a sequence of 5 that should test the 1.2201 low and then the 61.8% fibo of 1.1919-1.2525 at 1.2152.

USD/CAD - USD/CAD rallied above 1.1150 yesterday before digesting gains.  On the daily, the pair continues to trade within an ascending triangle with resistance at the upper end of the triangle bound by daily highs from 1.1243 (6/8) to 1.1283 (6/23).  More immediate resistance is at the 7/3 high of 1.1186.  Reinforcing the bullish bias is the 7/5 bullish engulfing outside day at the supporting trendline (from the ascending triangle).

AUD/USD - We remarked yesterday that ".the pair should test the .7470 high."  AUD/USD has rallied off of the 200 day SMA and currently trades near .7460 after topping out yesterday at .7473.  With the rally, it seems more probable that the low at .7400 marked the end of a correction of strength to .7470 and that prices are headed higher towards the confluence of the 50% fibo of .7791-.7270 / 61.8% extension of .7270-.7470 (from .7400.see calculation in table below) at .7523/30.  However, if the .7400 low is breached, then support is at the 50% fibo of .7270-.7470 at .7370 and the 61.8% fibo at .7347.

NZD/USD - With very little changed from yesterday, Kiwi continues to look offered.  The pair tested the 50% fibo of .5927-.6120 at .6024 yesterday but bounced and price formed a doji on the daily - giving scope to a reversal.  Still, a break below .6024 exposes the 61.8% fibo at the psychological .6000 figure.  In a reversal scenario - the 6/30 high at .6120 is resistance.

Jamie Saettele is a Technical Currency Analyst for FXCM.