Outlook alert: Australian dollar, New Zealand dollar and South African Rand forecast to slip yet further against the pound

The British pound has not stood idle while falling commodity prices continue eat away at the strength of ZAR, AUD and NZD as today's latest wholesale exchange rates indicate:

The pound to Australian dollar exchange rate is a percent higher at 1.6622.
The pound to New Zealand dollar is 0.94 pct higher at 1.9889.
The pound to South African Rand exchange rate is 0.58 pct higher at 15.9586.

Please be aware that the above forex rates are from the wholesale markets - your bank will affix their own discretionary spread to the numbers. However, an independent FX provider will guarantee to undercut your bank's rate, thus delivering you more currency. Please find out more here.

The outlook remains rather bleak for all three commodity currencies

Looking at the currency charts we note recent momentum suggests the only logical course for AUD, NZD and ZAR is down.

According to a recent analysis of the pound sterling versus New Zealand dollar exchange rate further gains are forecast.

"The upside prevails as long as 1.944 is support," say Trading Central who have the following to say about GBP/NZD's technical setup: "the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 1.8957 and 1.8489)."

With regards to the GBP/AUD; we see gains towards 1.658 are possible, provided 1.644 is support.

"The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 1.6452 and 1.6307)," say Trading Central.

Turning to the technical setup behind the pound versus South African Rand we note that the short-term charts (2-6 weeks) are overwhelmingly in favour of the pound (GBP/ZAR gains).

We note 4 bullish events and just 1 bearish event on the currency pair's chart.

A bullish Commodity Channel Index signal formed at 15.4144 on the 5th of June was the most recent formation and we see little reason why the highs of 2008 should not be tested in coming weeks.