23 Jul 2013
Flash: AUD/USD focus is on downside – UBS
FXstreet.com (New York) - 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 bear trend intact, focus is for further downside. Initial support is at 0.9138 ahead of 0.8999. There is a strong resistance at 0.9333, which is expected to hold the recent upside move, suggesting a bearish outlook.”
Moving to the USD/CAD, “The pair faces a critical support at 1.0311. A break below this would prolong the correction to 1.0241. Resistance is at 1.0442 ahead of 1.0609, indicating a neutral outlook.”
Key quotes
In terms of the AUD/USD, “With the bear trend intact, focus is for further downside. Initial support is at 0.9138 ahead of 0.8999. There is a strong resistance at 0.9333, which is expected to hold the recent upside move, suggesting a bearish outlook.”
Moving to the USD/CAD, “The pair faces a critical support at 1.0311. A break below this would prolong the correction to 1.0241. Resistance is at 1.0442 ahead of 1.0609, indicating a neutral outlook.”