EUR/USD â�,�“ The push above 1.2797 has led to a corrective move lower but bulls have protected positions, allowing for just a brief dip below 1.2750.  Yesterdayâ�,��"�s inside day gives scope to a more pronounced move in either direction.  Month triangle resistance just above current price favors the downside.  However, a push through 1.2820 gives scope to the 8/21 high at 1.2938.  Additionally, daily CCI has decline from above 100.  History tells us that this is a fairly accurate turn signal.  Support rests at the 38.2% of 1.2483-1.2820 at 1.2691.

USD/JPY â�,�“ The USDJPY remains trapped just below the 118.00 figure.  A potential resisting trendline drawn off of the 10/24 and 11/6 highs at 119.65 and 118.45 is at 118.00.  The next hurdle would be the 20 day SMA, which price has remained below since 10/26.  The daily CCI scenario discussed regarding the EURUSD pertains the USDJPY as well (but inverse).  That is, daily CCI has increased from below -100, which gives scope to additional gains.  In fact, the last occurrence of the CCI turn to the upside in the USDJPY was on 5/15 at 110.47 (just after the 108.96 low).

GBP/USD â�,�“ Cable continues to probe the 1.9100 figure and continues to be thwarted.  4 of the last 5 days have seen intraday highs above 1.9100 and closes below the figure.  Selling pressure obviously exists but the ability of Cable to retest 1.9100 signifies that buying pressure isnâ�,��"�t going away either.  The rally from 1.8515 has the look of a 5 wave rally with a failed 5th wave (where the 5th wave was unable to rally above the 3rd wave extreme).  This is a particularly bearish pattern and often leads to a violent decline.  A psuh above 1.9134 negates this scenario.  A break above 1.9134 and then the 8/8 high at 1.9144 could see a spike on a short squeeze to the 4/20/2005 high at 1.9215.

USD/CHF â�,�“ Resistance at the 200 day SMA continues to hold and the USDCHF has broken below the 1.2500 figure.  Daily oscillators are bearish as RSI and CCI are below midpoints and MACD slope is negative.  There is a very short term supporting trendline at 1.2457 but a break below would encounter the 6 month trendline drawn off of the May, August, September, and November lows.  A decline through there would warrant a more aggressive bearish stance.  Initial resistance is yesterdayâ�,��"�s high at 1.2523.

USD/CAD â�,�“ 1.1255 to 1.1372 remains the consolidation / pivot zone in the USDCAD.  A break in either direction encounters triangle support / resistance.  This is a critical juncture for the USDCAD as the pair has traded near the 200 day SMA for about a month now.  We are more inclined to favor the upside due to the bullish divergence with oscillators on the weekly and monthly charts.  Also, COT positioning indicates bearish sentiment towards the CAD (bullish USDCAD).

AUD/USD â�,�“ The 38.2% fibo of .7413-.7766 at .7632 may be acting as a magnet for the AUDUSD.  The short term structure since the high at .7766 has taken on the form of a textbook 3 wave (a-b-c) decline.  The third wave is most always the most violent of the 3 â�,�“ which is the case here.  Support at the aforementioned fibo may prove difficult for bears to defeat considering that hourly oscillators have hovered near 30 for about 24 hours.  Support is reinforced by the 20 day SMA at .7640.  Only a rally through .7766 instills confidence in the upside at this point.

NZD/USD â�,�“ We have maintained the last 2 days that â�,��"it is likely that the pair is entering the early stages of a small degree C wave decline to complete the larger correction of strength to .6750.  Focus has shifted to the 61.8% of .6532-.6750 at .6615, which also happens to be where wave C (starting at .6714) would equal wave A (.6748 to .6650).â�,�  Price is nearing the measured objective with todayâ�,��"�s low at .6630.  As such, immediate downside potential seems limited at the current juncture.  Divergent RSI on the hourly supports a bottoming scenario near or just below current price.

Jamie Saettele is a Technical Currency Analyst for FXCM.