AUD: Technical indicators favor the peeling back more of the recent gains - BBH
|Analysts at BBH explain that the only major currency weaker than the Canadian dollar last week (-0.2%) was the Australian dollar (-1%) and the technical indicators favor the peeling back more of the Aussie's recent gains.
Key Quotes
“The similar correlation between the Australian dollar and the two-year rate differential is at 0.48, and over the past decade, it rarely is above 0.5. The Aussie's pullback last week held $0.7600, which is an important congestion area and the 61.8% of the gains it has scored since briefly dipping below $0.7500 on March 9. The technical indicators favor the peeling back more of the Aussie's recent gains. The price action reaffirms and strengthens the resistance around $0.7700 and sets up an important test on $0.7500, with modest support seen first near $0.7550.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.