Australian Dollar Crosses Failing at Resistance

-AUDCHF between 50% and 61.8% retracements
-AUDCAD drops below channel support
-AUDNZD towards 1.2350

Australian Dollar / Swiss Franc

The rally from .6926 is corrective and in its latter stages. Triangles often occur as B waves and the thrust from the triangle in wave C completes the corrective pattern. Having reached the 50% of the decline from 1.0091, the next potential resistance would be the 61.8% at .8882.

Australian Dollar / Canadian Dollar

The AUDCAD has completed 5 waves up from .7719. The rally from there may complete an A-B-C advance from the 2008 low. RSI divergence at the high also favors a top.

Australian Dollar / New Zealand Dollar

The AUDNZD is testing 1.30 for the third time since summer 2008. Triple tops rarely occur. If price trades to a level for a third time, it typically does so because it wants to break that level. As such, I favor a breakout strategy against 1.2009. Near term, a drop below 1.2549 would complete a 2nd wave correction.

[I]Jamie Saettele publishes Daily Technicals every weekday morning (930 am EST), COT analysis (published Monday mornings), technical analysis of currency crosses throughout the week (EUR on Tuesday, JPY on Wednesday, GBP on Thursday, AUD on Friday), and the DFX Trend Index every day after the NY close. He is also the author of Sentiment in the Forex Market.

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