EUR/USD â�,�“ Last week we said that â�,��"probability favors a decline as the next move of consequence towards the 38.2% of 1.2761-1.3366 at 1.3136â�,� and EURUSD followed that track almost exactly to the point with the most recent low at 1.3128. It appears that a three wave correction has already occurred to this recent low, and creates the potential for a push higher in price to the 11/30 high of 1.3278 as daily oscillators remain mostly bullish. A break below the confluence of the 12/11 low and the 38.2% fibo of 1.2762 â�,�“ 1.3370 at 1.3128/39 exposes the 11/23 high of 1.2978.

USD/JPY â�,�“ USDJPY has rallied over the past few days to target resistance at the confluence of the 61.8% fibo of 118.61-114.44 and the 11/13 low at 117.01/12, but the pair looks to be in danger of toppling lower as RSI and CCI on the 240 minute chart are in overbought and extremely bulliish territory. A cross below 70 on RSI and 100 on CCI could signal a more bearish turn towards support at the 38.2% fibo of 118.61-114.44 at 116.03. However, a continuance of momentum may find the pair probing resistance at the 11/21 high of 118.28.

GBP/USD â�,�“ As we said at the end of last week, Cable appears to be nearing the end of a 5 wave bullish sequence from 1.7046.  The 5th wave of this advance began on 10/11 at 1.8515 and is likely near the end of its 3rd wave.  Thus, what is left is a corrective move lower (which looks to be occurring now) and perhaps one more high above 1.9846 before a multi month decline begins to correct the advance from 1.7046.  Fibo support begins at the 38.2% of 1.8834-1.9846 at 1.9461.  Support at that area is reinforced by the 11/27 gap opening high at 1.9463.

USD/CHF â�,�“ USD/CHF has formed a bottom from the doji candle on 12/5 at the low of 1.1880. Daily oscillators remain mostly bearish, though 240 minute charts show them nudging up to bullish territory. Price is currently probing resistance at the 23.6% fibo of 1.2771-1.1880 at 1.2090, but a break higher exposes 1.2116. However, should the pair remain under pressure we may find USDCHF retracing towards support at 1.1880.

USD/CAD â�,�“ The larger uptrend remains in place above the support line drawn off of the 9/1, 9/28 and 10/30 lows.  A shorter term support line is drawn off of the 11/28 low at 1.1285 and the 12/5 low at 1.1379 (see below).  Only a decline below the mentioned supporting trendline suggests the potential for a significant downside move.  That line is at 1.1311 today and increases 4 pips per day.  The next bullish target is the 4/13 high at 1.1533.  Daily oscillators remain above midpoints and thus bullish.

AUD/USD â�,�“ Aussie formed a bearish double top at the 12/1 and 12/8 highs, and price has subsequently tested support at the 38.2% fibo of .7616-.7935 at .7813. Oscillators remain bullish on the daily charts but are turning more bearish on shorter term charts. A break below todayâ�,��"�s support opens up the path to the confluence of the 11/22 high and the 50.0% fibo of .7616-.7935 at .7763/76. However, a resurgence in price of AUDUSD could find the pair back at Fridayâ�,��"�s high of .7935.

NZD/USD â�,�“ The Kiwi continues to show signs of topping as price has been having trouble breaking through immediate resistance at the 61.8% fibo of .7469 - .5926 at .6879. Additionally, oscillators on the daily charts have slowly edged from extreme and overbought territory over the past few days as the rally appears to be exhausted. Short term support lies at the 23.6% fibo of .6530 â�,�“ .6941 at .6844, so a break below could find price targeting the 12/6 low of .6814. However, a push higher could bring NZDUSD up to the 12/7 high of .6920.

Jamie Saettele is a Technical Currency Analyst for FXCM.