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23 Apr 2013
Forex Flash: Commodity-based pairs differ in intraday outlook – 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, “There’s scope for more downside with the bearish conditions persisting. Support is at 1.0202 ahead of 1.0115, while resistance is at 1.0308 ahead of 1.0359” In addition, the USD/CAD indicators suggest a bullish outlook, as near-term resistance is at 1.0294 – a break of this would open 1.0342. Moreover, support is at 1.0230 ahead of 1.0203.
In terms of the AUD/USD, “There’s scope for more downside with the bearish conditions persisting. Support is at 1.0202 ahead of 1.0115, while resistance is at 1.0308 ahead of 1.0359” In addition, the USD/CAD indicators suggest a bullish outlook, as near-term resistance is at 1.0294 – a break of this would open 1.0342. Moreover, support is at 1.0230 ahead of 1.0203.