- AUDCAD
- AUDJPY
- AUDNZD
AUDCAD Ultimately, we look for a 4th wave correction to end near the 38.2% of .8288-.9391 at .8977. A B wave (second wave within a 3 wave correction) may have ended at .9254. As long as .9254 holds, we look for a C wave to take price under .9053 to the 38.2% of .8293-.9399 at .8977. A C wave decline would end a larger 4th wave and lead to a resumption of the uptrend. The 38.2% fibo at .8977 intersects with channel support at on March 14th.
AUDJPY We are still looking for a test of the 61.8% fibo of 82.09-96.47 at 87.57 but the AUDJPY has turned up from the confluence of a short term support line / 200 day SMA. Near term resistance is at the 38.2% of 95.98-88.49 at 91.34. As long as price remain below 92.61, well look for a decline to come under 88.50 and challenge the aforementioned Fibo level and long term channel support drawn off of the June 2004 and March 2006 lows.
AUDNZD The AUDNZD is working higher from an inverse head and shoulders pattern. The shoulders are at 1.1137 (12/26) and 1.1139 (2/26). The pair pierced the neckline and turned down yesterday but we still expect a break to the upside. A break above 1.1484 exposes the October high at 1.1667. Short term support is at the 2/27 high at 1.1306 (reinforced by the 20 day SMA at 1.1288) but price needs to remain above 1.1123 in order to keep the bullish bias at the forefront.
