While the JPY continues to slip lower and bounces are faded once again, given the moves on the cross rates, the latest candidate to be dragged lower is the AUD. EUR/AUD and AUD/NZD posted medium/long-term signs of change this year and this morning, AUD/USD was also not spared. A topping pattern within range warns of bearish risks albeit within the larger 1.0150 to 1.0620 range. On the JPY, the stubborn trend for weakness also remains a focus as USD/JPY approaches an important hurdle at its 2010 peak.
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Barclays Capital