7 Jun 2013
Flash: Commodity Currencies mixed ahead - UBS
FXstreet.com (Barcelona) - UBS Strategists Geoffrey Yu and Gareth Berry have taken a look at today´s commodity currencies from a technical perspective and see a mixed outlook.
Beginning with AUD/USD, they are bearish and comment that as there is an important support at 0.9388, the immediate risk appears to be for a short-term recovery to unwind these downside conditions. They see resistance is at 0.9674 ahead of 0.9792. Moving to USD/CAD, they are neutral and feel that yesterday´s sharp sell-off indicates scope for extension of the correction phase. They write, “Support is at 1.0199 ahead of 1.0169. Resistance is at 1.0380 ahead of 1.0421.”
Beginning with AUD/USD, they are bearish and comment that as there is an important support at 0.9388, the immediate risk appears to be for a short-term recovery to unwind these downside conditions. They see resistance is at 0.9674 ahead of 0.9792. Moving to USD/CAD, they are neutral and feel that yesterday´s sharp sell-off indicates scope for extension of the correction phase. They write, “Support is at 1.0199 ahead of 1.0169. Resistance is at 1.0380 ahead of 1.0421.”