AUD/USD looks to $0.78
A steady recovery from the $0.75 area has meant that bears have been disappointed, so now we look to see whether the $0.76 area can be broken for the pair. If so then the way is clear to $0.77 and potentially to $0.78.
A breakdown from here would suggest the inside trendline that has been in place since mid-2013 has reasserted itself and we would see a drop to $0.75 and then to $0.74.
USD/CAD could target 200-day SMA
C$1.30 continues to hold, as it has done since mid-January. This provides a good base to work against, although upside momentum has been lacking of late.
The price appears to be running out of upside momentum, so we could see another test of C$1.30.
A break below here could be a trapdoor moment to C$1.29 or C$1.27 for USD/CAD. Any upside move targets the 200-day simple moving average (SMA) at C$1.3127 and then C$1.3180.