AUD/CAD ââ,¬â€œ AUDCAD declined to just below the 50% fibo of .8119-.8685 at .8403 on Friday and may have completed a correction of strength from .8119 to .8685.  An inside day at the lower Bollinger band (daily) (this is a setup that we have found is fairly accurate when trading turns) reinforces the idea that a low is in place at .8367 (8/25 low).  CCI rising from below -100 favors a move higher as well.  The first obstacle for bulls going forward is the 8/18 low at .8492.  A break below .8367 would shift our bias to neutral and expose the 61.8% fibo of .8119-.8403 at .8335.

AUD/JPY ââ,¬â€œ AUDJPY is relentless in its ascent as the pair has again broken above the 89.00 figure.  Still, the confluence of the 78.6% fibo of 91.31-82.07 / double top from the 2/3 and 8/14 highs at 89.35 is a good point of reference (this is current price).  With the proximity of the double top, upside risk is limited.  The hourly chart shows slight bearish divergence with RSI at the current price.  As a result, the current rally may be nearing an end.  A trendline from the 6/5 low at 83.46 is currently just below 87.50 (the trendline increases about 7 pips per day) and a break below there would grant confidence to a bearish bias.

AUD/NZD ââ,¬â€œ AUDNZD continues to move lower, breaking below the 8/18 low at 1.1814 this morning.  The next support is the 6/8 low at 1.1763 ââ,¬â€œ just below current price.  Both daily and hourly oscillators are just above oversold levels and indicate divergence at current price.  However, wave structure suggests that this decline has more to go.  The decline from 1.2448 looks like the 3rd wave of a 3 wave correction that will correct the 1.0425-1.2427 rally.  If that is the case, then price likely continues its descent until reaching fibo support at 1.1665 (38.2% of 1.0425-1.2427).  A push above the 8/25 high at 1.2011 negates the immediate bearish stance.  

Jamie Saettele is a Technical Currency Analyst for FXCM.