EUR/AUD – After making one more low below the 10/25 low at 1.6485, the EURAUD bounced from the 50% fibo of 1.5526-1.7351 at 1.6440 on 11/1.  The pair may be forming a base to work higher from as the initial rally off of the lows was slightly retraced.  The pair has held below the 10 day SMA on a closing basis since 10/6 and a close above would begin to signal a larger turn higher.  The 10 day SMA is at 1.6532 today.  A decline through 1.6432 negates any turn scenario and targets support at the 5/4 low at 1.6364.

EUR/CAD – Finally some excitement in the EURCAD as the pair broke out of the 1.4055-1.4343 range to the upside.  Price skyrocketed to 1.4524 yesterday, just shy of the 8/4 high at 1.4587 to create what could be a double top.  The EURCAD also closed above the upper Bollinger band lately, which is usually a sign of strength.  While there is the potential for a breakout, the Bollinger bands (daily) have held as support and resistance rather well since the beginning of 2006.  Initial support on a decline is at the 38.25 of 1.4122-1.4524 at 1.4371.  A break above 1.4587 exposes a former pivot high on 8/26/2005 at 1.4753.

EUR/NZD – We have focused on the 3 and a half month trendline from 2.1172 but price failed to challenge that line last week as the pair topped out on 10/26 at 1.9391.  Price still above the 10/23 low of 1.8804 keeps bulls’ hopes alive.  While downside risk is limited due to the proximity of the 10/23 low at 1.8804, a break above the 10/26 high at 1.9391 is required in order to establish a bottom at 1.8804.  The next bearish target on a decline is the 3/15 low at 1.8612.

Jamie Saettele is a Technical Currency Analyst for FXCM.