AUD/USD: watching for a bearish break - BBH
|Analysts at Brown Brothers Harriman explained that the Australian dollar made a new high for the year toward the end of last week near $0.7740, but the gains were quickly reversed, keeping the $0.7600-$0.7700 range intact, even if frayed.
Key Quotes:
"We continue to expect that the eventual break of the range will come to the downside, and note that the technical indicators did not confirm the new high.
The April light sweet crude oil futures contract straddled the $54 a barrel level most of the last week.
The broader near-term range is $53-$55, and it is difficult to get enthusiastic inside this range.
While OPEC has a high compliance rate, non-OPEC has less, and US output and exports have increased. At the same time, the recent advanced PMI reports point to strong Q1 for world growth, which means demand."
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