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2 Aug 2013
Flash: AUD/USD looks to avoid 0.8771 support – 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, “The pair is under pressure and is approaching support at 0.8771. A move below this would trigger further sell-off towards 0.8545. Resistance is at 0.8994, suggesting a bearish outlook.”
Moving to the USD/CAD, “The pair advanced from the key support at 1.0241. But with the MACD below its zero line, upside should be limited and there is a strong resistance at 1.0385, suggesting a bearish outlook.”
Key quotes
In terms of the AUD/USD, “The pair is under pressure and is approaching support at 0.8771. A move below this would trigger further sell-off towards 0.8545. Resistance is at 0.8994, suggesting a bearish outlook.”
Moving to the USD/CAD, “The pair advanced from the key support at 1.0241. But with the MACD below its zero line, upside should be limited and there is a strong resistance at 1.0385, suggesting a bearish outlook.”