1. AUDCAD
2. AUDJPY
3. AUDNZD
AUDCAD The AUDCAD range continues as price is working higher from the 3/6 low of .9065. Ultimately, a triangle may be unfolding from the 1/23 high at .9397. If this is the case, then expect the consolidation to tighten and for price to remain below .9397. A break above .9397 argues that the next leg up is underway towards where wave 1 would equal wave 5 at .9620.
AUDJPY We are still looking for a test of the 61.8% fibo of 82.09-96.47 at 87.57. As long as price remain below 92.78, well look for a decline to come under 88.50 and challenge the aforementioned Fibo level and long term channel support drawn off of the June 2004 and March 2006 lows. A break above 92.78 would leave 3 waves down from the high at 96.47, which would suggest that the decline is corrective and that higher prices are in store.
AUDNZD The AUDNZD continues to work higher from an inverse head and shoulders pattern. The shoulders are at 1.1137 (12/26) and 1.1139 (2/26). From an Elliott wave standpoint, the recent rallies and decline may be a series of 1st and 2nd waves. In this instance, a 3rd wave would follow (potentially a strong rally). A break above 1.1484 exposes the October high at 1.1667. Short term support is at the 3/11 low at 1.1208 but price needs to remain above 1.1123 in order to keep the bullish bias at the forefront.
