AUD/USD: 0.7600 area may slow the descent - BBH
|The Australian dollar staged a key reversal on April 19 as it made a new high for the month (~$0.7815) and then sold off hard for a week and a half low, points out the research team at BBH.
Key Quotes
“There was follow-through selling ahead of the weekend, which saw the Aussie end the week in the band of support that had been forged in late March and early April (and extends to ~$0.7645). With interest rate differentials continuing to move against it, and the failure at $0.7800, the path of least resistance appears lower. And the technical indicators seem to concur. The $0.7600 area may slow the descent, but $0.7500 may prove that more important challenge.”
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