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21 May 2013
Flash: AUD/USD strictly bearish despite possible correction – 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, “Any upside will be correction, unwinding the overextended downside conditions. Resistance is at 0.9831 ahead of 0.9918. The broader focus is for a test of major support at 0.9582.” In addition, in looking at the USD/CAD, a bullish bias persists, while initial resistance is at 1.0296, a break above this would open 1.0342 and then 1.0447 – support is at 1.0199.
In terms of the AUD/USD, “Any upside will be correction, unwinding the overextended downside conditions. Resistance is at 0.9831 ahead of 0.9918. The broader focus is for a test of major support at 0.9582.” In addition, in looking at the USD/CAD, a bullish bias persists, while initial resistance is at 1.0296, a break above this would open 1.0342 and then 1.0447 – support is at 1.0199.