EUR/USD – The EURUSD continues to bounce from 1.2860 support, but will now face a test between 1.3000-1.3050 zone as this area of congestion presents the first level of immediate resistance in the days ahead. MACD remains negative but is in the process of making a turn as momentum mimics price. For the time being the path of least resistance is up but continued progress beyond 1.3050 appears unlikely unless momentum suddenly picks up.

USD/JPY – The USDJPY  doji’s out  above the 120 level and momentum shows negative divergence the pair  appears like its ready for a turn. The doji pattern which suggests hesitation often precedes the turns in USDJPY but it can also send false signals trapping bears in final burst of price movement. Shorts therefore should be cautious as the break of the swing highs would most likely negate the turn scenario for the time being.

GBP/USD – GBPUSD continues to inch its way higher but the 1.9750 level looms as a formidable hurdle for the unit to overcome as it faces  a quintuple top that  will require a massive burst of momentum to bust through.  On the hourlies the pair has just grafted a massive reversal that may have marked a near term top. For the time being the 1.9750 remains the key level to exceed if the pair is to make any further progress higher.

USD/CHF – Having traced out 7 consecutive up candles USDCHF has finally reached a serious zone of resistance between 1.2450-1.2550 that suggests the unit is at least due for some pause  if not an outright retracement. Should it try to correct the pair has more than 200 points to go before reaching the 38.2% retrace of the 1.11878-1.2576 bull wave.

USD/CAD – The USDCAD has fallen out of the Bollinger buy zone and confirmed the turn lower. The pair now targets the 1.1500 as nearest likely support while 1.1800 remains the key resistance level to the topside that marks near term top.

AUD/USD – Having made the full turn from Bollinger sell zone, the AUDUSD has now hit the 38.2% retrace of the 7979-7759 bear wave and stands at a critical inflection point. A failure here invites a retest of the bottom at 7759 a break higher suggests a possible move to test the prior swing top of 7979

NZD/USD – The Kiwi chart looks more constructive than Aussies as appears to have  made a solid bottom and looks ready to challenge the 7000 handle once again. MACD histogram is near positive showing that momentum remains supportive of the move.

Jamie Saettele is a Technical Currency Analyst for FXCM.