The Mighty Aussie Flexes Against USD, JPY, and CAD

The Mighty Aussie Flexes Against USD, JPY, and CAD

While the headlines has been focusing on the USD, and the Euro, the Aussie has been quietly taking over as the top performer this week. Poor jobs data out of Canada and US today knocked the greenback and loonie off top, and the Aussie is leading the way into the weekend. Let’s take a look at the AUD/USD, AUD/JPY, and AUD/CAD charts.

The AUD/USD has been consolidating with a bullish bias in the daily chart. After a correction in July and sideways action in August, it is now looking ready for a bullish continuation. There are some resistance factors at 0.94-0.9420, before the pair can open up the 0.95-0.9505 high on the year. The AUD/JPY has been very bullish, but in the 1H chart, it is forming a head and shoulders. If this price top does form, we still should limit the bearish outlook to the very short-term. The AUD/CAD has been building the case for bullish continuation, and is at the cusp of breaking key resistance to open up to the 2014-high. Even if there is a bearish correction first, the bullish bias remains, unless price falls below the 1.00 handle.

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