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29 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´s commodity currencies and see that the outlook is broadly mixed ahead.
Starting with AUD/USD, they are bearish and note that the trending indicators are bearish and resistance at 1.0359 should hold any upside. They see 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. Looking to USD/CAD, they are neutral, noting that support is at 1.0128, and a break below this would extend the weakness to 1.0084 and 1.0071. They see resistance is at 1.0214 ahead of 1.0294.
Starting with AUD/USD, they are bearish and note that the trending indicators are bearish and resistance at 1.0359 should hold any upside. They see 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. Looking to USD/CAD, they are neutral, noting that support is at 1.0128, and a break below this would extend the weakness to 1.0084 and 1.0071. They see resistance is at 1.0214 ahead of 1.0294.