AUD/CAD - After breaking out to the upside, AUD/CAD is in corrective mode.  The initial decline off of .8572 ended at .8447 and the second wave of the correction took the pair to .8554.  Thus, probability favors one more corrective wave to take the pair lower and complete the correction.  A break below the short term double bottom at .8450 targets the 38.2% fibo of .8119-.8572 at .8400.  Also of note is that the price has been contained the 200 day SMA, currently at .8520.  A break above there would bolster the longer term bullish outlook.      

AUD/JPY - AUD/JPY currently trades at strong resistance from the 61.8% fibo of 91.31-82.07 / a series of daily highs from February, April, May / upper Bollinger band on the daily at 87.73/87.88.  The pair did rise just above the 88.00 figure yesterday for just a moment.  The presence of the mentioned resistance limits upside risk.  Also, the hourly chart shows that a top could be forming as a head and shoulders pattern.  If the pair breaks down, support comes in at the confluence of the 7/13 and 7/14 lows at 86.65/66. 

AUD/NZD - Last week's analysis stated that "the path is down for a third corrective wave to at least 1.1700 (where wave a would equal wave c).  This also happens to be very close to the 4/19 (1.1689) and 4/26 (1.1693) lows."  AUD/NZD has declined for 8 consecutive days and is sub-1.2000.  We still hold the view that 1.1700 could be tested but the pair has bounced and corrected a bit from yesterday's 1.1902 low.  Given the extent of the recent decline, a continued contra move to the 23.6% fibo of 1.2358-1.1902 at 1.2008 is possible.  However, one thing is sure - and that is AUD/NZD's propensity to extend its moves.  A break below the 1.1902 low exposes the 6/21 low at 1.1863 as well as the 6/8 low at 1.1765.

Jamie Saettele is a Technical Currency Analyst for FXCM.