-AUDCHF testing triangle support
-AUDCAD resisted by trendline and 55 day SMA
-AUDNZD could top next week
[B]Australian Dollar / Swiss Franc[/B]
A triangle that as been underway since late October in the AUDCHF is likely complete at the Feb. 9 high of .7951. Weakness and a break below the October low of .6926 is expected over the next several weeks. Coming under .7271 would bolster the bearish prospects. At this point, the AUDCHF ideally remains below .7720.
[B]Australian Dollar / Canadian Dollar[/B]
Since the October low at .7148, AUDCAD trade has been choppy and corrective. Both the advance from .7148 to .8695 and the decline from .8695 to .7719 are corrective. The center of the range since October is at about .7875 and price is above there now but the 55 day SMA is above .82 and potential resistance. Price is putting a short term trendline to the test now. Trading through there and the 55 day SMA would expose the top of the range since October at .8690.
[B]Australian Dollar / New Zealand Dollar[/B]
The odds are high that the AUDNZD is in the final stages of a rally that began in October 2008. Trading above 1.2853 would complete a ‘5th of a 5th’ wave and give way to a multi-month and potentially sharp decline back to 1.1650 (former 4th wave).
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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