AUD/CAD ââ,¬â€œ After rallying off of its lows just above the .8200 handle, AUD/CAD was rejected at a trendline dating to May 2005.  Hourly charts appear bearish as oscillators fall from overbought conditions following the recent correction.  Support comes in at the 61.8% fibo of .8207-.8493 at .8317.  Further congestion sits at the confluence of the 76.4% fibo / 3/31 low at .8270/75.  The low on 3/29 at .8207 is the final hope for support.  A daily close below there may see a resumption of the overall downtrend that began in April 2005.

AUD/JPY ââ,¬â€œ The AUD rally stalled yesterday against the JPY just shy of the 87.00 handle.  A resisting trendline from early December rests just above the 87.00 figure, along with the upper Bollinger band at .8708, and is important resistance going forward as a break of that line bolsters the bullish bias.  A break above the resisting trendline exposes the 61.8% fibo of 91.33-82.05 at 87.78.  A continuation of the current correction targets the 23.6% fibo of 82.06-86.96 at 85.81 with further weakness probing the 4/3 reaction high at the psychological 85.00.             

AUD/NZD ââ,¬â€œ After skyrocketing for much 0f 2006, AUD/NZD saw selling after piercing the 50% fibo of the 1.3556-1.0424 6 year decline at 1.1988.  Able to hold above the 1.2000 handle for just a brief moment, the pair has seen a 120 pip contra move (downward) today.  Initial resistance comes in at the 10 day SMA at 1.1833.  A break targets former resistance (highs on 3/14 and 3/22) turned support (4/3 low) at 1.1587.  The slightest divergence with RSI on the daily chart combined with the long term fibo resistance suggests that 1.2015 may have been a top.  The sell-off is likely to see a bounce due to its severity and extreme oversold readings on the hourly.  That said; look for resistance at a recent reaction at 1.1923 high made on 4/12.  A break there probes the zone bound by the 4/11 low and 61.8% fibo of 1.2015-1.1857 at 1.1941-57.  A break of the 1.2015 high yesterday is required to argue for a continuation of the uptrend from December.

Sam Shenker is a Technical Currency Analyst for FXCM.