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.