AUD/CADââ,¬â€œ AUD/CAD appears to be turning after dipping below .8150 yesterday at .8142 and forming a long hammer on the daily.  Favoring a reversal is positive divergence with oscillators on both the weekly and daily charts at yesterdayââ,¬â"¢s low.  Further, the last swing low was on 3/29, which was 55 days ago (a Fibonacci number) and the last swing high was on 5/18 at .8605 ââ,¬â€œ tomorrow would mark the 21st (another Fibo number) since that point.  This Fibonacci time series confluence favors a turning point.  The alternate scenario has a break below yesterdayââ,¬â"¢s low at .8142 exposing the 138.2% and 161.8% fibos of .8207-.8604 at .8054 and .7963.

AUD/JPY ââ,¬â€œ AUD/JPY continues to trade in a range bound by 85.78 and 83.46.  The larger picture shows the pair trading within a large well-defined downward sloping channel that began on 12/6 at 91.32.  With the pair at the upper end of its recent range (currently just above 85.00), a break higher exposes the mentioned downward sloping trendline at the 50% fibo of 91.31-82.07 at 86.68.  Short term momentum is up as well with RSI on the hourly most recently bouncing off of 30 and heading up above the midpoint of 50.

AUD/NZDââ,¬â€œ AUD/NZD has consolidated losses from 1.2423 in a 5 wave channel ââ,¬â€œ and the fact that it is 5 waves suggests that the consolidation is nearing an end.  The daily shows a head and shoulders reversal pattern with the left shoulder at the 4/11 high of 1.2015 and the right shoulder a bit lower at the upper end of the mentioned channel at recent daily highs of 1.1990 (5/26) and 1.1984 (6/2).  The 6/7 low of 1.1765 is initial support and the point to reference for a break to the downside.  Reinforcing a bearish outlook is a negative 20, 50 SMA cross on the daily yesterday.  The previous cross was a positive back on 12/27/05 at 1.0782.

Jamie Saettele is a Technical Currency Analyst for FXCM.