EUR/USD
Commentary: EURUSD has made its way all the way to 1.3490 from the depth of Friday lows at 1.3391 however now the pair faces massive overhead resistance at 1.3500 signified by the triple top at that level. If 1.3500 zone if cleared the pair is free to tackle the 1.3600 barrier and will have formed a very bullish base that could signify a challenge of the all time highs at 1.3682.

Strategy: Until the pattern clears up, we are looking for opportunities elsewhere

USD/JPY
Commentary: USDJPY has broken its most recent trendline sending a bearish signal on the intraday charts as bears have clearly taken control of the oder flow. The nearest support level comes in at 121.00 followed by 119.50 which would represent a substantial free fal for the pair. A break of 122.15 negates the bearish outlook but near term charts show that momentum is with the bears.

Strategy: Bearish on a break below mentioned trendline

GBP/USD
Commentary: GBPUSD has shown the most strength today overcoming resistance at the 1.9900 figure with the critical 2.0000 level now in its sights. Pound strength has been parabolic as it has nearly verticalized from 1.9750 over the past 48 hours. The pair now sees support at three descending levels of 1.9764, 19733 and 1.9677 and only a break of the later completely negates the bullish view

Strategy: Bullish now, against 1.9676, targeting 2.0131

USD/CHF
Commentary: Swissie has turned bullish with USDCHF clearly failing at 1.2333 level as pair has drafted a possible double top that now targets 1.2123 as its final destination. Most immediate support can now be seen at 1.2200 but only a brak of the 1.2333 line negates the bearish bias.

Strategy: Bearish now, against 1.2333, targeting break below 1.2123

USD/CAD
Commentary: As Jamie Saettele has frequently discussed, the USDCAD continues to drop below every measured objective for the end of large larger wave 3. The last of these was the 161.8% of 1.1168-1.0965/1.1061 at 1.0733. The next measurement for wave 3 is where wave v of 5 of 3 would equal wave i of 5 of 3 at 1.0666. We have refrained from trying to catch this bottom because there is no evidence that a bottom is in place. The most aggressive trader may look to establish a long position on a rally through the 5/30 high at 1.0756.

Strategy: None

AUD/USD
Commentary: The break through short term trendline resistance following the 3 wave correction from .8390 sets the stage for a re-test of .8390 (and likely break above in a 5th wave). Support should be strong at .8211 and price must remain above .8162 in order for us to remain bulls. We’ll watch the form of the advance and publish bullish targets when price action dictates.

Strategy: Bullish now, against .8162, targeting a break above .8390

NZD/USD
Commentary: Kiwi looks just like the AUDUSD. The 3 wave correction that ended at .7237 is bullish and Kiwi is breaking through a resistance line drawn off of the 4/26 and 5/15 highs. Support should be strong at .7343 and price must remain above .7237 in order for us to remain bulls. Similar to the Aussie, we are expecting a break above .7491 in a 5th wave.

Strategy: Bullish now, against .7237, targeting a break above .7491

Jamie Saettele is a Technical Currency Analyst for FXCM.