Base metals look to have completed their recent recovery bounce and the subsequent downturn is expected to keep the focus lower for AUD. A lack of trend-ending signs point to further downside for AUD/USD, while AUD/CAD and AUD/JPY are testing important supports near 1.0200 and 81.00. Closing below here at the end of the week would signal continued AUD weakness for the time being. While the AUD is under pressure, we also expect Asian currencies to remain on a weak footing.
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Barclays Capital