AUD/CAD ââ,¬â€œ AUDCAD appears to be in a 5th wave that will push above .8611 and possibly the neckline from a 7 month inverse head and shoulders.  However, the fact that this is a 5th wave suggests that strength is limited and that a corrective move lower following a breach of .8611 is probable.  The 7/31 high at .8684 is resistance on a break above the aforementioned neckline.

AUD/JPY ââ,¬â€œ The AUDJPY has pushed past the 90 figure to test 90.83 today but near term strength looks a bit overdone.  240 minute RSI is declining from above 70 and is divergent with the high at 90.83.  More importantly, daily oscillators are extreme and exhibit bearish divergence.  Former resistance from the 9/1 and 10/13 highs at 89.85/94 is now initial support.  Strength above 90.83 exposes the 12/6/2005 high at 91.32.

AUD/NZD ââ,¬â€œ AUDNZD has rallied above the 9/20 high at 1.1490 but a daily close above 1.1490 is needed to confidently suggest a break to the upside is in play.  Daily studies are bullish ââ,¬â€œ RSI above 50, CCI above 0, and a positive 10, 20 SMA cross on 10/19 all indicate that upside momentum is strong.  Price needs to remain above 1.1329 in order to keep the short term sequence of higher lows in place.

Jamie Saettele is a Technical Currency Analyst for FXCM.