AUD/CAD ââ,¬â€œ The AUDCAD remains supported by the 20 day SMA, which it has remained above since 10/10.  The recent rally may be just the second of three corrective waves that will ultimately more fully correct the impulsive .8288-.8803 5 wave advance.  If a deeper correction were to take place, then support would come in at the 38.2% of .8288-.8815 at .8606 and extend to the 61.8% at .8485.  However, a break above .8803 would strongly suggest that the consolidation following the uptrend from .8288 was over and that the next leg up was underway.  Resistance is strong there due to significant lows in 2003 and 2004, and the January 2006 high (all just above .8800).

AUD/JPY ââ,¬â€œ The AUDJPY filed just shy of the 12/6/2005 high at 91.32 on 11/7 and has since corrected to the 90.00 figure.  A bullish trendline drawn off of the 6/5 and 9/25 lows remains intact and is support near 89.00.  The bias is a bullish one unless that line is broken to the downside.   The uptrend may be resuming following yesterdayââ,¬â"¢s doji candle (daily).  The 10/25 high at 90.83 is initial resistance.  A break higher exposes the 11/7 high at 91.26 and the aforementioned 91.32.

AUD/NZD ââ,¬â€œ The rally off of the 10/5 low at 1.1201 has resulted in a short term supporting trendline, which is at 1.1514 today.  The proximity of the line minimizes downside risk but a push through the 10/26 high at 1.1659 is required in order to confidently establish a bullish bias.  A daily close below the mentioned short term trendline would cloud the picture.  The larger picture appears rather bullish given the 5 wave rally from 1.0428 to 1.2423 and subsequent 3 wave correction to 1.1201 that reversed just prior to the 61.8% fibo of 1.0425-1.2423.  The larger bullish picture remains unless 1.1201 is breached.

Jamie Saettele is a Technical Currency Analyst for FXCM.