AUD/CAD â�,�“ AUDCAD continues to rally from .8367.  Last weekâ�,��"�s comment that â�,��"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)â�,� continues to hold.  The decline from .8579 (9/5 high) is viewed as a correction of strength from .8417.  Support is at the 38.2% of .8417-.8579 at .8517 and the 8/30 high at .8494.  Rising oscillators on the daily keep the bias bullish.  The next bullish target is the 7/31 high at .8684.

AUD/JPY â�,�“ AUDJPY is supported by the 10 day SMA at 89.26.  The pair made a yearly high at 89.85 on Monday (9/4) but bearish divergence with MACD does not favor a continuation of strength.  Additional bearish evidence is negative MACD slope (daily) and CCI declining from above 100 (daily).  The rally from 87.15 (8/1) forms a rising wedge â�,�“ an ultimately bearish structure that is often succeeded by a violent decline.

AUD/NZD â�,�“ We remarked on 8/30 that â�,��"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.â�,�  The pair bottomed a day later at 1.1602 before rallying 350 pips to test the 20 day SMA.  We maintain a cautious bullish bias with the possibility that a 3 wave corrective expanding triangle has ended at 1.1602.  Initial resistance is at the 8/24 high at 1.2013.  A push above exposes the 61.8% fibo of 1.2446-1.1602 at 1.2124.  A break below 1.1602 negates the bullish bias. 

Jamie Saettele is a Technical Currency Analyst for FXCM.