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10 Apr 2013
Forex Flash: Commodity-based currencies lack immediate headwinds – UBS
FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
In terms of the AUD/USD, “we reiterate a bullish near-term outlook as the pair extends its strength and there is no major resistance until 1.0604/1.0627.” they note. Should a pullback occur, support lies below at 1.0406. In addition, the USD/CAD indicators suggest a neutral outlook, with near-term resistance is at 1.0197, ahead of 1.0251 – support is at 1.0135 ahead of 1.0089.
In terms of the AUD/USD, “we reiterate a bullish near-term outlook as the pair extends its strength and there is no major resistance until 1.0604/1.0627.” they note. Should a pullback occur, support lies below at 1.0406. In addition, the USD/CAD indicators suggest a neutral outlook, with near-term resistance is at 1.0197, ahead of 1.0251 – support is at 1.0135 ahead of 1.0089.