AUD/CAD - Australian dollar bulls managed to push the cross above the psychologically important .8500 handle as AUDCAD continued to tread sideways due to a lack of decisive move from either side. As Loonie longs resume their advance, a further move to the downside will most likely see the Canadian dollar longs pus the cross lower test the bids below .8400, a level defended by the February 28 daily low and with a break to the downside most likely seeing the AUD/CAD head toward the .8289, a level defended by the March 19, 2002 daily low. A sustained downside momentum will most likely see the Canadian dollar longs aim for the Aussie bids around .8190, a level defended by 78.6 Fib .7548-1.0548 AUD rally and with a confirmed breakdown will most likely see the Australian dollar bulls give up the psychologically important .8000 handle, a level defended by the January 30, 2002 daily low at 8036. Indicators are mixed longs, with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators giving either side a room to maneuver.

AUD/JPY - Australian dollar longs managed to push the cross toward 85.89, a level defended by the 38.2 Fib of the 77.00-91.44 AUD rally and is further reinforced by the 200-day SMA and as AUD/JPY stalled in a sideways range. A reversal from current levels combined with a confirmed breakdown will most likely see AUD/JPY head lower and target Aussie bids around 85.88, a level defended by the 38.2 Fib of the 77.00-91.44 AUD rally and is further reinforced by the 200-day SMA. A sustained momentum on the part of the Japanese yen longs will most likely see the cross extend its decline below the psychologically important 85.00 handle and target bids around 84.19, a level marked by the 50.0 Fib of the 77.00-91.44 AUD rally. A further move to the downside most likely aiming for 82.48, a level marked by the 61.8 Fib of the 77.00-91.44 AUD rally. Indicators are mixed longs, with positive momentum indicator diverging from negative MACD below the zero line, while neutral oscillators giving either side a room to maneuver.

AUD/NZD - Australian dollar bulls lost control of the price action as AUD/NZD lost momentum and tumbled below the psychologically important 1.1500 handle. As New Zealand dollar longs take over the price action and to push the cross lower, a further move to the downside will most likely see AUD/NZD aim for the bids around 1.1313, a level marked by the 23.6 Fib of the 1.0442-1.1582 AUD rally. A sustained momentum on the part of the Kiwi longs will most likely see the cross head lower and with a move below 20-day SMA at 1.1236 take on Australian dollar bids around 1.1147, a level defended by the key 38.2 Fib of the 1.0442-1.1582 AUD rally. A further collapse of the Aussie offers will most likely see the AUD/NZD gain further momentum and the psychologically important 1.1000 handle, a level defended by the 38.2 Fib of the 1.0442-1.1582 AUD rally. Indicators are favoring Australian dollar longs, with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 50.73 signaling an existence of a maturing trend, not a direction of one, while both overbought oscillators add to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.