EUR/AUD â�,�“ We noted last week that â�,��"The pair may be forming a base to work higher from as the initial rally off of the lows was slightly retraced.â�,�  The EURAUD has surged nearly 3 whole figures since last Friday.  In fact, todayâ�,��"�s rally has propelled the pair above the 200 day SMA.  Daily oscillators remain bullish and are not yet extreme, which bodes well for bulls.  The pair may be forming a larger downward channel.  The upper channel line is at 1.7070 today and decreases about 4 pips per day.  The 61.8% fibo of 1.7138-1.6432 is resistance prior to the channel line at 1.6868.

EUR/CAD â�,�“ The EURCAD continues to work higher towards the 8/4 high at 1.4587.  Price action at 1.4578 will either give way to a breakout to challenge the 8/26/2005 high at 1.4753 or a double top and reversal.  Daily CCI is extreme at above 100, thus contrarians will certainly favor the downside.  A cross below 100 would signal a reversal opportunity.  A decline through 1.4330 could give way to more bearish action.

EUR/NZD â�,�“ From last week â�,��"Price above the 10/23 low of 1.8804 keeps bullsâ�,��"� 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.â�,�  The EURAUD has rallied to 1.9371 today.  Aside from the 10/26 high at 1.9391, a resisting trendline drawn off of the 7/7 and 8/2 highs is just above current price.  A push through this confluence of resistance must contend with the 200 day SMA at 1.9620.  If resistance just above current price proves too much for bulls, then initial support is at the 11/8 high at 1.9205.

Jamie Saettele is a Technical Currency Analyst for FXCM.