27 Jun 2013
Flash: Commodity currencies led by USD - UBS
FXstreet.com (London) - UBS Strategists Geoffrey Yu and Gareth Berry have taken a technical look at today´s Commodity currencies and can see a mixed outlook.
Starting with AUD/USD, they are bearish, commenting that with the MACD below its zero line, they expect the resistance at 0.9407 to hold on closing basis. They see support at 0.9143, and a closing break below this will trigger deeper sell-off. Moving to USD/CAD, they are bullish, noting that as a reaction to a sharp advance, the pair is consolidating. They write, “Support at 1.0396 should hold for now. Resistance focus is at 1.0556 ahead of 1.0658.!
Starting with AUD/USD, they are bearish, commenting that with the MACD below its zero line, they expect the resistance at 0.9407 to hold on closing basis. They see support at 0.9143, and a closing break below this will trigger deeper sell-off. Moving to USD/CAD, they are bullish, noting that as a reaction to a sharp advance, the pair is consolidating. They write, “Support at 1.0396 should hold for now. Resistance focus is at 1.0556 ahead of 1.0658.!