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Forex: AUD/USD in highs around 1.0365/70

The Aussie dollar is testing session highs in the area around 1.0365/70 on Friday, a markets are biased towards risk-on tone so far.

Strategists G.Berry and G.Yu at UBS remain bearish on the cross, adding, “Any upside in the near-term appears to be limited. Resistance at 1.0413/57 should hold. Support is at 1.0305 ahead of 1.0227”.

At the moment, the pair is up 0.05% at 1.0365 with the next resistance at 1.0373 (high Feb.14) ahead of 1.0400 (high Feb.6) and then 1.0407 (MA100d).
On the downside, a breach of 1.0343 (MA10d) would expose 1.0326 (low Fe.14) and finally 1.0315 (MA200d).

Spain Consumer Price Index (YoY) down to 2.7% in Jan; -1.3% (MoM)

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The USD/JPY traded lower overnight amid reports that Toshiro Muto is the leading candidate to succeed BoJ Governor Shirakawa when his resignation takes effect on March 19th. According to Research Analyst Gareth Berry at UBS, “Market perceptions are that candidates such as Iwata or Kuroda would be more willing to take a radical approach to policy easing, and so the potential appointment of Muto would likely disappoint yen bears.”
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