Taken from www.charmercharts.com

AUD/USD:

Aussie slightly oversold in the short term...so we may well see a small bounce early in the session. However..med term technical indicators have turned negative and therefore we ook for any bounce to be sold into.

1.0790/95 remains at present good resistance and we would view any challenge on this area as a place to re-sell. We would keep stops then above 1.0840.

1.0650 is looking the area where we should start to see a little profit taking. However as stated the med term charts have turned negative and therefore we would still advocate either selling into strength or selling a break below 1.0650. We lose this support and 1.0580 which is the first med term fib level will be the place where sellers would drive us
down to.

USD/CAD:

Canada is looking weaker now and we can see this coming lower for 0.9885 quite quickly.This area is the med term 0.618 fib level and as such it is liable to offer some respite from the recent downward move.

We are beginning to be oversold on the med term charts and this may also help to buoy prices in the not too distant future.. We also have the 55 weekly M/A coming in at .9910 so between these 2 prices is where we would like to see the market base..

We would look for a move back towards 1.0040 to 1.0075. Here we would look to cover all long positions. We would attempt small shorts, but as the market is beginning to turn positive profits should be taken on any shorts quite quickly as we would expect further strength to follow after a small correction.

Below 0.9830 and we would re-think our bullish scenario.