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30 Apr 2013
Forex Flash: Commodity Currencies are mixed ahead - UBS
FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at today Commodity pairs and are mixed in outlook ahead.
Starting with AUD/USD, they are bearish and note that with trending indicators bearish, resistance at 1.0359 should hold any upside. They see that support is at 1.0263 ahead of 1.0221 and only a closing break above 1.0359 would suggest a more prolonged recovery to 1.0444. Moving to USD/CAD, they are neutral, commenting that the pair is held by the strong support area at 1.0084/71. They write, “A break here would be a bearish development. Resistance is at 1.0175 ahead of 1.0214.”
Starting with AUD/USD, they are bearish and note that with trending indicators bearish, resistance at 1.0359 should hold any upside. They see that support is at 1.0263 ahead of 1.0221 and only a closing break above 1.0359 would suggest a more prolonged recovery to 1.0444. Moving to USD/CAD, they are neutral, commenting that the pair is held by the strong support area at 1.0084/71. They write, “A break here would be a bearish development. Resistance is at 1.0175 ahead of 1.0214.”