AUD/CAD - Australian dollar bulls failed to keep the cross above the psychologically important .8500 handle as AUDCAD continued to head lower. As Loonie longs continue their advance, a further move to the downside will most likely see the Canadian dollar longs pus the cross lower test the bids below .8200 figure, a level defended by 78.6 Fib .7548-1.0548 AUD rally and with a break to the downside most likely seeing the AUD/CAD head toward the .8070, a level defended by the February 13, 2002 daily low. A sustained downside momentum will most likely see the Canadian dollar longs push the cross below the psychologically important .8000 handle, a level defended by the January 30, 2002 daily low at 8036. However in case Aussie longs manage to push back the advancing Loonie longs, a move above .8300 figure will most likely see AUD/CAD target Canadian dollar offers around .8403, a level marked by the February 27 daily low.  Indicators are favoring Canadian dollar longs, with both negative momentum indicator and negative MACD treading below the zero line, with ADX above 25, at 25.26, signaling an existence of a trend, not a direction of one while oversold Stochastic adds to a trending outlook.

AUD/JPY - Australian dollar failed to keep the cross above psychologically important 85.00 handle and tumbled below 84.19, a level marked by the 50.0 Fib of the 77.00-91.44 AUD rally. A further move to the downside will most likely see the cross aim for 82.48, a level marked by the 61.8 Fib of the 77.00-91.44 AUD rally. A sustained momentum on the part of the yen bulls will most likely see the cross head below 82.00 figure and test the Australian dollar bids around 81.31, a level marked by the June 6 daily low. A further move to the downside will most likely see the pair extend its decline toward the psychologically important 80.00 handle, a level defended by the 78.6 Fib of the 77.00-91.44 AUD rally. However in case Australian dollar bulls launch a countermove, a move above 84.00 figure, a level marked by the 50.0 Fib of the 77.00-91.44 AUD rally will most likely see AUD/JPY extend its advance toward the psychologically important 85.00 handle, a level protected by the June 20 daily high Indicators are favoring Japanese yen longs, with both negative momentum indicator and negative MACD treading below the zero line, with ADX above 25, at 32.47, signaling an existence of a trend, not a direction of one while oversold Stochastic adds to a trending outlook.

AUD/NZD - Australian dollar bulls remained in charge of the price action as AUD/NZD headed further above psychologically important 1.1500 handle. As Aussie longs push the cross higher, a move above the 1.1700 figure will most likely see the cross extend its advance toward 1.1783, a level marked by the April 21, 2004 daily high. A sustained momentum on the part of the Australian dollar bulls will most likely see AUD/NZD head higher and target New Zealand offers around 1.1907, a level established by the May 2, 2002 daily low. A further collapse of the Kiwi's defenses will most likely see the cross challenge offers above the psychologically important 1.2000 handle, a level defended by the April 8, 2004 daily low. However in case New Zealand dollar longs take over the price action and push the cross below 1.1500 handle, a further move to the downside will most likely see AUD/NZD head lower and with a move below 20-day SMA at 1.1442 take on Australian dollar bids around 1.1420, a level marked by the March 23 daily low. Indicators are favoring Australian dollar longs, with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 55.01 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.