Forex Flash: Commodity-based face bearish 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, “As the bear trend persists, there is potential for a test of the major support area at 1.0115 and 1.0103 – resistance is at 1.0254.” In addition, in looking at the USD/CAD, there is a critical support at 0.9987. A closing break below this would be further negative, triggering a deeper sell-off to 0.9933, while resistance is at 1.0083 ahead of 1.0132.”