AUDJPY  81.95 +0.61%

The Australian dollar major currency has benefited from near term interest rate news – translating into higher valuations against most of the other major currencies as well as the US dollar.  This hasn’t been more exemplary than through the AUDJPY currency pair.  But, the near term party may be over as the pair approaches a key test of resistance at 82.15.  A failure at this level could confirm a technical double top correction – forcing a return back to 81.50.

GBPCHF  1.4447 -0.32%

On the heels of disappointing UK economic data this morning, the British pound has come under heavy selling against the Swiss franc.  With the UK economy contracting in the latest quarterly assessment, the franc continues to benefit from the safe haven trade.  But, the sentiment could be in jeopardy as the currency pair is setting up for a test of major support at 1.4430.  The barrier could give impetus for some short term buying momentum – forcing at least a correction back up to the 1.4500.

EURAUD  1.2373 -0.38%

As with other Australian dollar pairs on the day, the EURAUD is sinking on expectations of a stay on RBA rate cuts in the next month or so.  Further momentum is likely to build as the price action has already failed to rise above resistance at 1.2475 – currently trading below 1.2400.  Near term support tests are probable at 1.2350, with a break lower through this level leading to a test of yesterday’s low of 1.2285.