AUD/CAD ââ,¬â€œ The AUDCAD continues to rally and has broken above a 2 year and 9 month trendline ââ,¬â€œ which is extremely bullish.  Often times, the break of a major trendline will be succeeded by a test of that trendline as support (or resistance on a bearish break) before a sizeable move occurs.  That line is at .8940 today and decreases about 3 pips per day.  The next bullish target would be the 61.8% fibo of .9854-.8119 at .9188.  Isolating support on dips can be tough in trending markets but moving averages help.  In this case, the 10 day SMA is support at .8914 and the 20 day is support at .8825.  A drop below .8792 would be a ââ,¬Ëœlower lowââ,¬â"¢ and bring into question the health of the move higher.  

AUD/JPY ââ,¬â€œ The AUDJPY may have completed a diagonal triangle that began on 3/27 at 82.06.  Diagonal triangles are inherently weak (due to their overlapping waves and corrective nature) structures that are often fully retraced.  A break below 89.75 and the trendline drawn off of the 6/5 and 10/5 lows would suggest that a large decline is underway.  The bearish divergence with oscillators on the daily also favor a bearish stance against 91.83 ââ,¬â€œ which must hold as resistance for the bearish scenario to remain valid.   

AUD/NZD ââ,¬â€œ AUDNZD may be entering a 3rd wave rally ââ,¬â€œ which if this is the case ââ,¬â€œ the pair would exceed 1.1659 and challenge 1.1863, which is where wave 3 (beginning at 1.1407) would equal wave 1 (1.1201-1.1659).  A break above 1.1659 confirms that the pair is in a 3rd wave rally (which are often the strongest rallies in a 5 wave sequence).  1.1201 must hold for the bullish scenario to play out.  Additional support below yesterdayââ,¬â"¢s low at 1.1407 is at the 61.8%% of 1.120-1.1659 at 1.1377.

Jamie Saettele is a Technical Currency Analyst for FXCM.