Forex Flash: Commodity currencies and Euro crosses mixed – UBS
FXstreet.com (Barcelona) - The UBS strategy team have taken a look at today's commodity currencies and EUR crosses from a purely technical perspective.
Starting with AUDUSD they note a bullish tone in the trend indicators and scope for an extension of strength to 1.0625 with support below at 1.0461. USDCAD is seen as bearish and the risk is for more downside with the support focis on 0.9795 ahead of 0.9765. They see resistance at 0.9888 ahead of 0.9934.
Moving onto EUR crosses, they are neutral on EURCHF, noting that the pair is facing critical resistance at 1.2185 with support to be found at 1.2063 and 1.2030. EURGBP is also neutral but momentum tools are beginning to cross higher, indicating a potential test of resistance at 0.8148/69 with support below at 0.8062/32. Finally, they are bullish EURJPY and note that the recent sharp rally extends the bullish pattern of higher highs and higher lows. They see significant resistance at 111.02/44 and support at 107.27.
Starting with AUDUSD they note a bullish tone in the trend indicators and scope for an extension of strength to 1.0625 with support below at 1.0461. USDCAD is seen as bearish and the risk is for more downside with the support focis on 0.9795 ahead of 0.9765. They see resistance at 0.9888 ahead of 0.9934.
Moving onto EUR crosses, they are neutral on EURCHF, noting that the pair is facing critical resistance at 1.2185 with support to be found at 1.2063 and 1.2030. EURGBP is also neutral but momentum tools are beginning to cross higher, indicating a potential test of resistance at 0.8148/69 with support below at 0.8062/32. Finally, they are bullish EURJPY and note that the recent sharp rally extends the bullish pattern of higher highs and higher lows. They see significant resistance at 111.02/44 and support at 107.27.
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