- EURAUD
- EURCAD
- EURNZD
EURAUD The long term trend, as indicated by the nearly 9 year trendline, is down. The long term triangle offers the best perspective. Price should come down to test 1.6304 in the E wave of the triangle (triangles have 5 waves A thru E). The next support level is the 2/22 low at 1.6575. The 3/11 and 3/12 lows at 1.6738 should offer resistance.
Key Levels & Technical Indicators
EURCAD We wrote last week that there is still the possibility that the pair is at a major top. A 9 year trendline is at about 1.5800 and decreases roughly 10 pips per day. Bolstering the topping scenario is bearish divergence with RSI on the weekly chart?.this is a rare and powerful signal. Again, these signals are on the weekly chart and the trendline is not for another 200 pips, but this is something to watch. Granted, the pair has yet to make it to the trendline, but the decline is impulsive, which favors bears. Coming under 1.5392 would make 5 waves down from 1.5688 and set the stage for a rally attempt before another leg lower.
Key Levels & Technical Indicators
EURCAD With the 5 wave decline from July 2006 to January of this year, the trend is certainly down. The 3 wave correction from 1.8448 has been succeeded by weakness that may be the beginning of a third wave decline. A break below 1.8448 confirms this suspicion and sets the stage for an attack on the 61.8% of 1.6326-2.1191 at 1.8185. The 3/11 low at 1.8854 should offer resistance.
Key Levels & Technical Indicators
Table
CCI(20) 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
