AUD/CAD ââ,¬â€œ AUDCAD has held support at the .8400 figure and rallied to test the .8500 figure in midweek trading.  22 day momentum is increasing and very close to positive territory.  Price is also above the 1, 3, and 6 month SMAs.  A 5 wave advance from .8119 to .8684 followed by a 3 wave advance from .8684 to .8367 favors the upside in what is possibly a wave 3 (currently).  As such, this rally targets the .8684 high (at least) and likely a break higher.  .8367 must hold as support.

AUD/JPY ââ,¬â€œ AUDJPY has formed a nearly 2 month head and shoulders pattern.  The pattern is complete on a break below the neckline, which is just below current price near 87.75.  22 day momentum has turned negative and now favors the downside.  A completion of the h&s pattern favors weakness towards the 8/1 low at 87.15 and the 7/7 high at 86.13.  A push above yesterdayââ,¬â"¢s high at 89.22 would cloud the picture.

AUD/NZD ââ,¬â€œ AUDNZD declined into 1.1200 territory early this week but bounced over 200 pips since.  Daily oscillators are turning bullish as RSI has turned up from below 30 and CCI from below -100.  Initial resistance stems from the 8/31 low at 1.1602.  Hourly RSI is increasing but nearing overbought levels, so the pair remains vulnerable to a pullback to support.  AUDNZD tends to move in big swings (as evidenced by the daily chart below), which favors a continuation of the strength seen so far this week.

Jamie Saettele is a Technical Currency Analyst for FXCM.