USD/CAD Fridays action supported our earlier conclusion that the long-term downtrend appears to be ready to resume. As long as the market stays under 1.008, expectations are for more selling to push it to .9716. Buyers may surface at this price to trigger another short-covering rally. Shorts have to arrive with conviction next week on selling through .9872 otherwise the market may begin a sideways drift. Regaining .9960 may put the market back in a somewhat friendly tone. A trade through 1.008 indicates 1.017 is next.

NZD/USD The NZD remained strong against the USD as it broke out above resistance at .7936. Based on its rectangular pattern it appears to be set up for a retest of highs at .8107. Following this breakout, the market may retrace slightly inside of the old tops before moving higher. The trend remains up unless .7365 is violated.

AUD/USD The strong follow through rally from the .8511 bottom on 1/22/08 took out near term resistance at .9017. The market regained an important 50% price at .8958 making this price new support. The next upside target is the .618 retracement at .9063. Further strength will be evidenced by a break out through this level, thereby setting up more upside with .9399 the next upside target.

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