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Flash: AUD/USD bearishness on the horizon – UBS

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 should hold at 0.9918. Support is at 0.9711, a break below this would expose 0.9582.” In addition, in looking at the USD/CAD, there is an important resistance at 1.0342, a break above which would be further positive, extending strength to 1.0447. Support is at 1.0217.

USD/CAD challenging highs around 1.0340/45

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GBP/JPY finds resistance at 156.10

After climbing around 100 pips in the European session from 155.10, the GBP/JPY has found resistance at the 156.10 level with the pair falling back to test levels close to 155.50.
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