AUD/CAD ââ,¬â€œ AUDCAD has declined to test the .8400 figure and is nearing the 8/24 low at .8437.  A break below there would then target the 61.8% fibo of .8119-.8684 at .8335 and the 78.6% fibo at .8241.  We have held for a few months now that we may be in for a longer term turn higher in AUDCAD and that the .8119-.8684 rally was the first leg of strength.  If this is the case, then the retracement will likely persist until one of the mentioned fibo levels.  Intraday charts support this view as a head and shoulders has formed with the 8/25 low, 9/6 high, and low today.

AUD/JPY ââ,¬â€œ The AUDJPY uptrend remains intact as the pair bounced off of a supporting line from the 6/5 low (83.46) on 9/11 at 87.73.  The bias is bearish on a break of this line with the first bearish target as the 7/21 low at 87.14.  Longer term charts also favor an eventual turn lower and that view is bolstered by last weekââ,¬â"¢s bearish engulfing candle.  Last weekââ,¬â"¢s high at 89.85 is resistance and a breach of that level negates the immediate bearish view.

AUD/NZD ââ,¬â€œ AUDNZD continues to probe the downside and the pair is just above support from the 8/31 low at 1.1602 and the 200 day SMA at 1.1611.  The break below the 6/8 low at 1.1763 bolstered the bearish outlook.  A decline below 1.1602 exposes the 50% fibo of 1.0428-1.2424 at 1.1428 (also a former congestion area).  Only a push above the 9/5 high at 1.1956 would begin to suggest that the pair is turning higher for an extended period of time.

Jamie Saettele is a Technical Currency Analyst for FXCM.