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4 Apr 2013
Forex Flash: Commodity Currencies mixed ahead - UBS
FXstreet.com (Barcelona) - UBS strategists Gareth Berry and Geoffrey Yu have taken a look at this mornings commodity pairs from a technical perspective and note that they are mixed in outlook this morning.
Starting with AUD/USD, they are bullish and note that resistance at 1.0497 was tested yesterday. They feel that a break above this would leave little resistance until 1.0599, with support at 1.0421 ahead of 1.0386. Looking to USD/CAD, they are neutral on the pair and note that the latest weakness suggests scope for extension of correction to test critical support at 1.0089. They see resistance at 1.0183 ahead of 1.0208.
Starting with AUD/USD, they are bullish and note that resistance at 1.0497 was tested yesterday. They feel that a break above this would leave little resistance until 1.0599, with support at 1.0421 ahead of 1.0386. Looking to USD/CAD, they are neutral on the pair and note that the latest weakness suggests scope for extension of correction to test critical support at 1.0089. They see resistance at 1.0183 ahead of 1.0208.