AUD/CAD – The AUDCAD appears to have completed 5 waves up at .8803 as the pair has stalled and retraced to the .8700 figure.  A short term trendline drawn off of .8342 and .8522 is support at current price.  A failure at the current juncture would give scope to a test of the 38.2% fibo of .8288-.8803 at .8607.  240 minute RSI has slipped below 50 and favors the downside.  A rally above .8803 negates the bearish scenario.

AUD/JPY – We mentioned last week that “After completing a 5 wave rally on 10/25 at 90.83, AUDJPY has ranged between 90.06 and 90.83.  The pair has held above the 10 day SMA on a closing basis but has yet to reach prior 4th wave support at 89.09.  A decline to there is reasonable before another rally attempt takes place.”  The decline is underway now as price has slipped below the 10 day SMA today.  90.06 is initial support with a decline below shifting focus to the aforementioned 89.09.

AUD/NZD – The AUDNZD is right at a 1 month trendline.  The 20 day SMA at 1.1471 reinforces support.  A break of the recent range from 1.1436 to 1.1566 is required to establish a directional bias.  A break below the trendline and 1.1436 probes the 10/17 low at 1.1315 while a push above 1.1566 targets the 10/26 high at 1.1659 and the 200 day SMA at 1.1726.

Jamie Saettele is a Technical Currency Analyst for FXCM.