1. AUDCAD
2. AUDJPY
3. AUDNZD
AUDCAD Our view has been that this is a long term turn in AUDCAD (to the upside). The decline from .8684 is in 3 waves, which means the decline may be nearing an end. The final leg down (from .8675) takes the form of an ending diagonal which favors one more dip lower before a strong rally ensues. Support is at the 7/19 low at .8426. A break above the 7/31 high at .8684 exposes the 1/9 high at .8825.
AUDJPY AUDJPY is relentless in its ascent as the pair has again broken above the 89.00 figure. Still, the confluence of the 78.6% fibo of 91.31-82.07 / double top from the 2/3 and 8/14 highs at 89.35 is a good point of reference. With the proximity of the double top, upside risk is limited. The hourly chart shows slight bearish divergence with RSI at the current price. As a result, the current rally may be nearing an end. A trendline from the 6/5 low at 83.46 is currently just above the 87.00 figure at 87.17 (the trendline increases about 7 pips per day) and a break below there would grant confidence to a bearish bias. Support before then is at the 8/18 low at 87.54.
AUDNZD AUDNZD has traded off of the lower Bollinger band to trade to the 23.6% fibo of 1.2448-1.1814 at 1.1963. Since 5/10, the pair has traded within a slightly upward sloping range. The upper end of the range is 1.2423/48 and the bottom 1.1765/1.1814. If continuation of strength continues from the 8/18 low at 1.1814, then the pair could trade higher to test fibo supports of 1.2448-1.1814 at 1.2056 (38.2%), 1.2131 (50%), and 1.2205 (61.8%). CCI rising above -100 favors the upside.
