EURAUD
EURCAD
EURNZD
EURAUD With EURAUD continuing to trade in an upward trend with support from a line starting at the 5/5 low of 1.6364 and RSI above the 50 level, the pair could be moving higher to target the 61.8% fibo of 1.6364 1.7352 at 1.6975. However, steadily declining oscillators on the hourly and daily charts could signal a reversal if price breaks through shorter term support and falls below the 8/11 low of 1.6571.
EURCAD EURCAD descended from the resistance line of a slightly contracting upward sloping channel and targets the supporting line of the channel. This area also happens to be the confluence of the 50% fibo of 1.3493 1.4587 at 1.4038 and the 200 SMA. A break below support could trigger further selling down to the 61.8% fibo at 1.3914. However, retracement higher would need to push through the long term trendline drawn from the 12/23/05 high of 1.6702 to target the 8/4 high of 1.4587.
EURNZD As we mentioned last week, EURNZD shows an obvious head and shoulders pattern on the daily with price holding above the neckline. Hourly charts show the formation of a descending triangle, and combined with bearish oscillators on both daily and hourly charts, the pair could break lower through the 8/23 low of 1.9964 and start to form a downtrend. However, a move up through the resistance trendline should target the 38.2% fibo of 2.0810 1.9964 at 2.0284.
