AUD/CAD ââ,¬â€œ AUDCAD has declined to the 61.8% fibo of .8119-.8684 at .8335.  Hourly oscillators are extremely divergent with price and the 61.8% level is an ideal turning point.  However, a break lower exposes the 78.6% fibo at .8242.  This is just above the 3/29 low at .8208.  That 3/29 low now looks like the left shoulder of an inverse head and shoulders pattern.  This bullish pattern would not be completed until a break above .8684.

AUD/JPY ââ,¬â€œ AUDJPY has formed a regular (as opposed to inverse) head and shoulders.  The pattern is only about 2 months long and thus not as significant as AUDCAD.  The break of the neckline on 9/22 proved to be false as the pair has rallied back to the 88.00 figure.  Fibo resistance is just above at the 38.2% of 89.85-87.25 at 88.24.  Strength above there exposes the confluence of the 61.8% / potential resisting trendline drawn through 89.85 and 89.22 at 88.85.  Risk to the upside is minimized at that point.  A break below 87.25 opens up the door for bears.

AUD/NZD ââ,¬â€œ AUDNZD reversed higher yesterday just before the 61.8% of 1.0428-1.2450 at 1.1202.  Bullish prospects are reinforced by the fact that yesterdayââ,¬â"¢s candle was a true reversal candle (took out the previous low, previous high and closed higher than the previous high).  The next hurdle for bulls is the 9/20 high at 1.1490 - a break above there exposes the 8/31 low at 1.1602.  Daily CCI has turned up from below -100 and RSI has turned up from below 30.  A dip below yesterdayââ,¬â"¢s low at 1.1210 negates the bullish interpretation.  The next support level would be the 1/247 high at 1.1112.  The bullish wave count appears below with 5 waves up followed by 3 waves (a-b-c) down.

Jamie Saettele is a Technical Currency Analyst for FXCM.