EUR/USD â�,�“ The EURUSD rally through the 1 month (now former) resisting trendline turned the shorter term picture bullish.  The key word in that sentence is turned â�,�“ as in past tense.  The break of the trendline occurred at 1.2600 and the pair has pushed to 1.2669 since.  Key resistance from the 61.8% of 1.2829-1.2483 at 1.2697 is just above and overbought hourly and 240 minute oscillators suggest that the pair is closer to a short term top than bottom.  Support is now focused on a trendline from the 1.2524 low.  That line is at 1.2594 now and increases 2 pips per hour.

USD/JPY â�,�“ From yesterday - â�,��"Yesterdayâ�,��"�s doji candle on the daily and the failure of the pair to reach 119.87 gives scope to a near term decline.  Yesterdayâ�,��"�s high at 119.65 is now resistance.  Price does remain above the 5 month supporting trendline.  That line is at 117.80 today and increases about 9 pips per day.  It would take a definitive break of that line (2 day close) in order to suggest that the larger trend has turned lower.â�,�  The JPY has found bids as it has gained to below 119.00 against the dollar and currently is testing the 61.8% of 118.02-119.65 at 118.65.  The 61.8% is key support but it takes a push above the 119 figure to suggest that this decline is over.  The next support level is the 10/19 low at 118.02.

GBP/USD â�,�“ Cable is approaching resistance from the 10/20 high at 1.8859.  Much like the EURUSD, GBPUSD is overbought on the hourly â�,�“ which makes being aggressively bullish here rather risky.  Still, a push above 1.8859 targets the 10/3 high at 1.8897.  On a setback, look for support near the short term trendline from 1.8672 (see below).  That line is currently at 1.8780.  A breech of that line would begin to turn the short term picture bearish again.

USD/CHF â�,�“ The 10/19 low at 1.2546 is still support.  If breached, then focus shifts to the 61.8% of 1.2288-1.2769 at 1.2472.  A decline near there would complete a 3 wave correction of dollar strength and possibly give way to the next leg up for the dollar.  Initial resistance on a rally attempt is at the 10/25 low at 1.2623.

USD/CAD â�,�“ The USDCAD remains stuck in the 1.1200-1.1320 range.  The impulsive look of the 1.1413-1.1202 decline keeps short term wave structure bearish as long as 1.1413 holds.  Initial resistance is at a potential resisting trendline near 1.1279.  A rally through 1.1279 gives scope to a test of the 10/24 high at 1.1322.  A drop below the 1.1200 figure may see offers hit until the 78.6% of 1.1085-1.1413 at 1.1155 (10/2 low at 1.1144 reinforces support there).

AUD/USD â�,�“ The AUDUSD appears to be topping out.  A clear 5 wave rally has taken place from .7413 thus probability favors a move lower.  Initial support is at the 10/24 low at .7559.  Bearish divergence with hourly oscillators at todayâ�,��"�s high and hourly RSI declining from above 70 favors the topping scenario.  Only a drop below .7559 instills confidence in a confident bearish stance.  Resistance on a rally through todayâ�,��"�s high at .7636 is at .7655.

NZD/USD â�,�“ The reversal opportunity that we have focused on for the last week has played out and the larger picture is turning bearish due to the break below the 4 month trendline.  The pair has slipped to a shelf of support just below .6550 (10/9 and 10/16 lows at .6539 and .6545).  If support fails, then focus shifts to the 10/2 low at .6486.  A break below .6486 should be a clue that a larger reversal is underway way.  Former intraday support (yesterday) at .6588 is now resistance.

Jamie Saettele is a Technical Currency Analyst for FXCM.