Euro Commodity Crosses Diverge

EURAUD
EURCAD
EURNZD



EURAUD We were bullish last week after RSI shows bullish divergence at todays 1.6579 low suggesting a turn higher.  The rally from 1.6689 now equals the 1.6571 to 1.6773 rally and RSI on the hourly shows negative divergence at the high from today (1.6892).  A decline from current levels could test the 38.2% fibo of 1.6571-1.6893 at 1.6770 (also 8/15 high at 1.6773).  The next support area would be the confluence of the 61.8% fibo / 8/15 low at 1.6690/94.  The larger trend is bullish as evidenced by steadily rising oscillators on the daily.  A break above 1.6892 exposes the 8/8 high at 1.6924.  





EURCAD Since March, EURCAD has formed a slightly contracting upward sloping channel.  A long term resisting trendline (from the 12/23 high at 1.6702) is just above 1.4500 and should provide resistance on rallies.  Within the aforementioned channel, price last bounced off of the upper end on 8/4 at 1.4587.  The bias then is for a return to the lower end of the channel in a 5th wave (a-b-c-d-e).  Price is testing support at the a short term support line from the 8/11 low at 1.4241.  A break below there could then trigger the selling that takes the pair lower.  Of note as well is the pair just slipping below the 20 day SMA. 





EURNZD The daily shows an obvious head and shoulders pattern and the pair is approaching a triple bottom (in this case also the neckline) at 1.9920.  A break below there targets the 5/3 low at 1.9585.  The near term may see a bounce higher as hourly conditions are oversold and the pair is nearing minor support from the 8/16 low at 1.9966.  Resistance is at todays high at 2.0121 and the 8/14 high at 2.0272.