EUR/AUD - EUR/AUD reversed at the 5/9 high at 1.6614 and formed a long hammer on the daily chart on Tuesday.  The pair has since rallied to test the 38.2% fibo of 1.7253-1.6622 at 1.6863.  An 8 year resisting trendline (from the October 1998 high at 2.0451 using synthetic prices) does suggest that the longer term trend is down but that trendline is not until 1.7260.  Price has come off of today's high and RSI has come off of overbought levels but a break above the 1.6879 high (today) exposes the 50% fibo of 1.7253-1.6624 at 1.6939.  Daily oscillators are just now turning up, suggesting that this rally could continue.  A supporting trendline from the 1.5609 low on 12/06/05 is at around 1.6640.

EUR/CAD - EUR/CAD continues in a large corrective pattern that began on 2/28 at the 1.3495 low.  The consolidation could be in the form of a slight upward sloping channel but has been a steeper upward sloping triangle of late.  Even so, a supporting trendline from the 6/13 low at 1.3795 sits near 1.4180 but a break lower would then target the 7/18 low at 1.4138.  The hourly chart shows a potential head and shoulders reversal pattern (the right shoulder is forming right now) but the short term trend remains bullish above the mentioned trendline.  Potentially strong resistance is at the confluence of the 38.2% fibo of 1.6284-1.3489 / series of daily lows (circled) at 1.4510/56.

EUR/NZD - EUR/NZD held at support from the 5/25, 6/9 and 6/12 lows - in effect making a triple bottom at 1.9919 (7/18 low).  As such, the path seems up to the confluence of the 50% fibo of 2.1185-1.9914 / 6/2 high at 2.0549/73.  A break above there would probe the 61.8% fibo at 2.0696 - which is also joined by a series of daily highs in May.  A dip in the short term is probable given the bearish divergence with RSI on the hourly and short term double top at 2.0370/80.  Support is at today's 2.0270 low.

Jamie Saettele is a Technical Currency Analyst for FXCM.