AUD/CAD - Canadian dollar bulls failed to push cross lower with the price swiftly climbing above psychologically important .8500 handle and breaking the channel's upper boundary. As AUD/CAD begins to head higher, a move by the Australian dollar trades will most likely see the AUDCAD head above .8799, a level established by the 23.6 Fib of the .9854-.8474 CAD rally and test the Loonie offers around the psychologically important .9000 handle, a level marked by the 38.2 Fib of the .9854-.8474 CAD rally. A further move to the upside will most likely see the Australian dollar bulls push the cross higher and aim for the Canadian dollar offers around .9112, a level created by the 200-day SMA. Indicators are mixed, with positive momentum indicator diverging from the negative MACD below the zero line, while ADX above 25 at 29.70 signals an existence of a trend, not a direction of one, with neutral oscillators giving either side enough room to maneuver.

AUD/JPY - Japanese yen traders continued to pressure the cross as AUD/JPY landed on top of the Aussie bids around 85.87, a level established by the 38.2 Fib of the 77.00-91.44 AUD rally. As the yen traders resume their advance, the next move to the downside will most likely see the cross tumble further and test the Australian dollar bids below the psychologically important 85.00 figure, at 84.15, a 50.0 Fib of the 77.00-91.44 AUD rally, thus seeing cross break below the 200-day SMA at 84.84. A sustained momentum to the downside will most likely see the AUDJPY break below 82.44, a 61.8 Fib of the 77.00-91.44 AUD rally and aim for the Aussie bids around 80.67, a level marked by the May 16 daily low and a gateway to the psychologically important 80.00 handle. Indicators are favoring the Japanese Yen longs, with both negative momentum indicator and MACD treading below the zero line, while ADX above 25 at 3630.08 signals an existence of a trend, not a direction of one, with neutral oscillators giving either side enough room to maneuver.

AUD/NZD - Australian dollar bulls continued to push the cross higher as recent reaction by the Kiwi longs failed to break below the channel's lower boundary after AUD/NZD found active bids around 1.0796, a level established by the combination of the 50.0 Fib of the 1.1162-1.0442 NZD rally, 20-day and 200-day SMA's. A furhter move by the Aussie longs will most likely see the AUDNZD head higher and test the Kiwi's offers around 1.0880, a level created by the 61.8 Fib of the 1.1162-1.0442 NZD rally and with sustained momentum on the part of the Australian dollar traders most likely seeing cross test 1.0947, a September 26 daily low. A further collapse of the New Zealand dollar offers will most likely see the Aussie longs push the cross toward 1.0998, a 78.6 Fib of the 1.1162-1.0442 NZD rally, a level that acts as a gateway to offers above the psychologically important 1.1000 handle. Indicators are mixed, with negative momentum indicator diverging from the positive MACD above the zero line, with neutral oscillators giving either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.