5 Sep 2013
Flash: AUD/USD resumption of downside portended – UBS
FXstreet.com (Lisbon) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
Key quotes
In terms of the AUD/USD, “With the bearish trending indicators in place, any further recovery will find resistance at 0.9233. The risk is for resumption of downside, with support at 0.9038 ahead of 0.8848, suggesting a bearish outlook.”
Moving to the USD/CAD, “There is an important resistance range at 1.0609/58. With bullish conditions in place, there is scope for more upside to test 1.0804. Support is at 1.0456 ahead of 1.0422., suggesting a bullish outlook.”
Key quotes
In terms of the AUD/USD, “With the bearish trending indicators in place, any further recovery will find resistance at 0.9233. The risk is for resumption of downside, with support at 0.9038 ahead of 0.8848, suggesting a bearish outlook.”
Moving to the USD/CAD, “There is an important resistance range at 1.0609/58. With bullish conditions in place, there is scope for more upside to test 1.0804. Support is at 1.0456 ahead of 1.0422., suggesting a bullish outlook.”