EUR/USD - The correction from 1.2908 has held above a short term trendline (from the 7/28 low at 1.2658).  The decline from 1.2908 may be the first of 3 corrective waves that could challenge trendline support (from the 1.2456 low) near 1.2750.  A break below there opens up the door for a deeper correction to either the 50% fibo or 61.8% fibo of 1.2456-1.2908 at 1.2683 or 1.2629.  A break above 1.2908 exposes the 6/5 high at 1.2976.  The larger trend is bullish unless 1.2456 is broken.

USD/JPY - USD/JPY has retraced most of Friday's losses and currently trades near 115.00.  If this is the first of 3 corrective waves, then we should expect to see a second corrective wave challenge fibo support, followed by a 3rd corrective wave that takes the pair higher.  Fibo support ranges from 114.23 to 114.76 (78.6% to 38.2% of 113.95-115.26).  Current price also trades right at the confluence of the 10 and 50 day SMA's.  Pay attention to the slope of the 10 day SMA going forward as it may help determine a bias for the near term.  

GBP/USD - Cable is little changed as the pair has consolidated and digested gains.  Things may be setting up for a long term turn to the downside in a large head and shoulders reversal pattern.  The 2/18/2004 high at 1.9140 would be the left shoulder with the right shoulder forming now.  Also, the rise from 1.7046 (November 2005) appears to be in 5 waves - which means that the uptrend is potentially over (or close to over).  Negative divergence with oscillators on the daily (and overbought RSI) also favor a turn.  Still, gains past 1.9128 target the 1.9215-1.9323 area (congestion from 4/20/2005 high to 3/8/2005 high).

USD/CHF - USD/CHF has retraced a portion of its losses, although scope remains for additional gains towards the resisting trendline (from 7/25 high at 1.2546) near 1.2300.  A break above the trendline targets the 38.2% fibo of 1.2595-1.2190 at 1.2345.  However, daily oscillators are still bearish (RSI below 50, MACD negative slope) and the break below the supporting trendline from the 1.1919 low favors the downside.  If Friday's 1.2190 low is broken, then bears may probe the 78.6% fibo of 1.1919-1.2595 at 1.2064.

USD/CAD - USD/CAD traded just below the 50% fibo of 1.0927-1.1457 yesterday before bouncing to current levels.  The longer term bias is still bullish and remains so unless 1.1039 is broken to the downside.  Unless that happens, the series of higher lows is intact.  Immediate support is at the 8/7 low at 1.1173 with additional losses probing the supporting trendline from the ascending triangle on the daily - currently at 1.1140 or so.  Momentum is down as oscillators on the daily exhibit negative slope. 

AUD/USD - AUD/USD has traded in a range for the last week primarily between .7595 and .7675.  Friday's rally and failure at .7670 made a triple top at .7670/80.  Current price trades right at the .7600 figure and a sustained break below .7600 would favor bears with support at the 38.2% fibo of .7270-.7680 at .7523.  On the other hand, a bounce off of the triple bottom at .7583/.7600 sends the pair back into the range with resistance at the 8/2 high at .7680.

NZD/USD - Kiwi has also formed a triple top with Friday's rally and failure.  The resistance area from the triple top is at .6270/80.  Yesterday's high was also at the upper Bollinger band on the daily at .6272.  The triple top and rejection at the Bollinger band limit upside risk.  In any case, a break above the 7/18 high at .6282 probes the 78.6% fibo of .6428-.5927 at .6320.  Continued weakness targets yesterday's low at .6220 with additional losses exposing the 61.8% fibo of .6143-.6272 at .6192.   

Jamie Saettele is a Technical Currency Analyst for FXCM.