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25 Apr 2013
Forex Flash: Commodity-based face 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, “With the trending indicators bearish, resistance at 1.0359 should hold any upside. Support is at 1.0202 ahead of 1.0115. Only a closing break above 1.0359 would suggest a more prolonged recovery to 1.0444.” In addition, the USD/CAD is under pressure this morning but does not change the bullish picture as long as support at 1.0189 holds on closing basis – resistance is at 1.0294 ahead of 1.0342.
In terms of the AUD/USD, “With the trending indicators bearish, resistance at 1.0359 should hold any upside. Support is at 1.0202 ahead of 1.0115. Only a closing break above 1.0359 would suggest a more prolonged recovery to 1.0444.” In addition, the USD/CAD is under pressure this morning but does not change the bullish picture as long as support at 1.0189 holds on closing basis – resistance is at 1.0294 ahead of 1.0342.