EURAUD  1.2331 -0.84%

With selling sentiment still hovering the Euro currency, it’s no wonder the Australian dollar has been a beneficiary of short term buying during the session.  The currency pair encountered massive technical resistance at 1.2460 – and has now declined through till 1.2331, the session low.  Although there is anticipation for a correction back to current resistance at 1.2360 through today’s close, technical studies are indicative of further medium term selling  -on a completed and inverted flag formation.

GBPCHF 1.4528 +0.67%

Tweezer support at 1.4421 helped to support a move higher in the currency pair, now trading at the session high.  Unfortunately for pound sterling bears, the current momentum looks to remain intact till strong resistance is met at 1.4540 in the short term.  The level should provide impetus for a correction before the close, moving the price action back to the 1.4513 support in the short term.  Secondary support will be located at 1.4500.

AUDCAD 1.0621 +0.80%

Current price action is being stifled by resistance at 1.0625 which could lead the pair into a corrective phase as traders head home for the weekend.  The sentiment is being supported by the fact that the Aussie has gained enormous ground against the loonie in the last 48 hours – higher by 1.3%.  As a result, those bearish in the market will be eyeing immediate support at 1.0591, with no further technical levels being considered given the less than 3 hours in the market session.