AUD/CAD - Canadian dollar bulls continued to engage their Australian dollar counterparts as price action stalled below .8799, a level established by the 23.6 Fib of the .9854-.8474 CAD rally. As AUD/CAD breaks higher, a move by the Aussie longs will most likely see the AUDCAD head above .8927, a level marked by the October 24 daily high and test the Loonie offers around the psychologically important .9000 handle, a level defended 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 .9092, 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 31.41 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 pound Aussie bids as AUD/JPY failed to test the yen offers around 87.27, a level marked by the 50-day SMA. As yen traders resume their advance, a move below 85.87, a level established by the 38.2 Fib of the 77.00-91.44 AUD rally will most likely see the cross tumble further and test the Australian dollar bids below the psychologically important 85.00 figure, at 84.91, a level marked by the 200-day SMA. A further move to the downside will most likely see the cross head below 84.15, a 50.0 Fib of the 77.00-91.44 AUD rally, and with sustained momentum most likely seeing the AUDJPY break below 82.44, a 61.8 Fib of the 77.00-91.44 AUD rally. Indicators are favoring the Japanese Yen longs, with both negative momentum indicator and MACD treading below the zero line, while ADX above 25 at 26.90 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 failed to push the cross higher as AUD/NZD stalled around 1.0880, a level marked by the 61.8 Fib of the 1.1162-1.0442 NZD rally A failure to break above will most likely see the New Zealand dollar longs push the cross lower and with a move below 1.0796-1.0811, a potential support created by the combination of the 50.0 Fib of the 1.1162-1.0442 NZD rally and 20-day and 200-day SMA's, aim for the Aussie bids around 1.0712, a level established by the 38.2 Fib of the .1162-1.0442 NZD rally and 50-day SMA. A further break to the downside will most likely see the AUD/NZD head lower and test the Australian dollar defenses around 1.0665, a December 28 low, and with sustained move to the downside seeing cross test bids around 1.0608, a level marked by the 23.6 Fib of the .1162-1.0442 NZD rally. Indicators are mixed, with negative momentum indicator diverging from the positive MACD above the zero line, while neutral oscillators giving either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.