1. EURAUD
2. EURCAD
3. EURNZD
EURAUD We mentioned last week that Oscillators are slowly turning up with todays strength. CCI has increased from below -100 and RSI has increased from below 30. With the pair at the bottom of its 9 month range, downside risk is well defined. The pair has rallied substantially off of 1.6364 support (low was at 1.6365 on 1/22). Still, a long term resisting trendline suggests that strength could be short lived. That trendline is at 1.6937 today and decreases about 4 pips per day. A longer term trendline is at 1.7056 today. A break below 1.6364 does not encounter chart resistance until 1.5962.
Key Levels & Technical Indicators
EURCAD We were looking for a resumption of the EURCAD uptrend following the bounce from just below the 12/20 low at 1.5092. This was the area that we were looking for as 1.5092 is the 4th wave extreme of one lesser degree. The resumption of the uptrend may resume following this correction. Of course, only a break above the previous high at 1.5503 is conclusive evidence that the uptrend has resumed. A head and shoulders may be forming as the pair has started to roll over. If the neckline is broken at 1.5078, then fibo support comes in at the 38.2% of 1.4052-1.5503 at 1.4948 and the 50% fibo at 1.4777.
Key Levels & Technical Indicators
EURNZD The EURNZD has made new lows but divergence with oscillators suggests that this move is exhaustive rather than the beginning of another move lower. If the pair does stabilize, then resistance stems from a trendline drawn off of the July and November highs. That line is near 1.9015 today and decreases about 20 pips per day. If the pair trades sub 1.8448, then the 61.8% of 1.6320-2.1184 at 1.8185 comes into play.
Key Levels & Technical Indicators
Table
CCI(21) 21 day Commodity Channel Index
> 0 bullish
0 > bearish
> 100 extremely bullish
-100 > - extremely bearish
RSI(14) 14 day Relative Strength Index
> 50 bullish
50 > bearish
> 70 overbought
30 > - oversold
MACD ? - MACD slope (MACD MACD[1])
> 0 bullish
0 > - bearish
Mom(21) 21 day Momentum
> 0 bullish
0 > - bearish
ATR(14) 14 day Average True Range (volatility)
Medium 75th percentile* > ATR(14) > 25th percentile*
High - > 75th percentile*
Low 25th percentile* >
*measured against past 3 months
Weekly Release Schedule
