EUR/AUD ââ,¬â€œ EURAUD trades just above a supporting trendline from 1.5609 (12/06/2005 low).  This line is at 1.6673.  A break below there would favor bears.  Also, a 6 month head and shoulders has formed.  A break below the neckline just above the 1.6600 figure completes the pattern and could lead to a big decline.  Price is just below the confluence of the 10 / 20 day SMAs at 1.6781/97 ââ,¬â€œ which is immediate resistance.  A resisting trendline from 1.7352 is currently at 1.7015 and a only a push above there negates the bearish bias.

EUR/CAD ââ,¬â€œ EURCAD has ranged primarily between 1.4100 and 1.4275 the last week.  The daily chart shows a rising wedge from the 1.3495 low on 2/28.  It appears that a 5th wave within the wedge is nearing completion.  The support line is at 1.4031 (current price at 1.4165) and a break below supports the case for an eventual re-test of 1.3495.  In fact, the longer term picture shows that we the pair is in a 5 wave bear sequence from the 2004 high at 1.6374.  This aforementioned wedge is the 4th wave (corrective).  What remains then is a 5th wave to complete the bearish pattern that ultimately makes a new low below 1.3495 (keep in mind that this analysis is longer term).  Daily CCI is below -100 ââ,¬â€œ so a bounce is probable in the short term.  Initial resistance is at the 8/31 high at 1.4275 followed by the 8/21 high at 1.4477.

EUR/NZD ââ,¬â€œ EURNZD has completed a head and shoulders pattern after breaking below the neckline on 8/29.  The decline has stalled at a support zone from congestion stemming from the 4/13 to 4/24 trading range (1.9400-1.9700).  With RSI rising from below 30, a corrective move higher is likely.  H&S patterns often see price come back to test the neckline as resistance.  In this case, the neckline converges with a resisting trendline (from the 7/7 high at 2.1172) on 9/20 at about 1.9990.  A correction could end in that area (if one takes place) and then give way to the downtrend.

Jamie Saettele is a Technical Currency Analyst for FXCM.