EUR/USD â�,�“ The larger triangle scenario continues to play out following Fridayâ�,��"�s 90 pips rally.  Still, this pattern favors a decline in what would complete the 5 wave triangle.  Targets going forward and points of potential reversal (reverse to the upside) are at the 38.2% fibo of 1.2483-1.2902 at 1.2742 and the 61.8% at 1.2644.  A short term resistance line from a bearish channel is just above current price.  The lower end of the channel is support near 1.2750.  Only a break above 1.2902 suggests greater bullish potential.

USD/JPY â�,�“ The USDJPY rallied above the 61.8% of 118.47-117.48 at 118.09 this morning, hitting 118.19.  A confident directional bias eludes us until a break from the recent 117.12-118.58 occurs.  A break above 118.58 exposes the 78.6% of 119.87-116.54 at 119.14 and a break below 117.12 targets the 11/1 low at 116.54.  Short term momentum favors bulls with hourly RSI greater than 50.

GBP/USD â�,�“ We remarked Friday that â�,��"a short term double bottom at the fibo along with bullish divergence with hourly RSI suggests that the pair is forming a bottom.â�,�  Cable has rallied over 100 pips from Fridayâ�,��"�s low at 1.8834 to the 38.2% of 1.9178-1.8824 at 1.8964.  The c0nfluence of the 10 and 20 day SMAs at 1.8963/90 reinforces resistance at the current juncture.  Additional strength targets the 61.8% fibo of the decline from 1.9178 at 1.9047.  A break below todayâ�,��"�s low at 1.8931 gives scope to greater bearish potential.

USD/CHF â�,�“ The USDCHF has broken back below the 7 month trendline drawn off of the May and August lows.  Still, a daily close below the 11/10 low at 1.2346 is required to confidently suggest a bearish bias.  Fridayâ�,��"�s rally reversed just before the 200 day SMA at 1.2540 and the decline since has been convincing.  A push above todayâ�,��"�s high at 1.2445 would cloud the picture.

USD/CAD â�,�“ The USDCAD bulls have managed to challenge the 7/28 high at 1.1456.  A setback has taken place from Fridayâ�,��"�s high at 1.1475 to 1.1420.  Still, the larger uptrend remains in place above the support line drawn off of the 9/1, 9/28 and 10/30 lows.  Price above a steeper and shorter term trendline drawn off of the 10/30 and 11/10 lows keeps the short term trend up.  Those lines are on the chart below.

AUD/USD â�,�“ The AUDUSD has challenged the .7700 figure this morning.  Still, the rally from .7614 is corrective in nature as the waves are overlapping.  Also, price is right at a resistance line from a short term bullish channel which may serve to limit immediate upside potential.  A break below .7614 is required to suggest greater bearish potential.  Strength past .7700 exposes the 11/1 high at .7766.

NZD/USD â�,�“ The rally off of the 11/15 low at .6574 has challenged the 61.8% of .6750-.6574 at .6683 this morning.  A support line on the daily drawn off of the 10/2, 10/26 and 11/15 lows must remain intact in order to keep a bullish bias.  The next bullish target is the 11/7 high at .6726.  The confluence of the 10 and 20 day SMAs are support at .6642/50.

Jamie Saettele is a Technical Currency Analyst for FXCM.