AUD: Bounce may offer a new selling opportunity - BBH

Sandeep Kanihama FXStreet Contributor

The Australian dollar fell in four sessions last week and eight of the past 11 and lost 1.4% last week to test a six-month low near $0.7500, notes the analysis team at BBH.

Key Quotes

“The central bank is clearly on hold. A mild disappointing Q3 GDP, due to softer consumption, and a much smaller October trade surplus (A$105 mln vs expectations for ~A$1.4 bln and A$1.6 bln in Sept) reinforced the signal from the Reserve Bank of Australia. A note of caution comes from the Bollinger Band, which the Ausise closed below (~$0.7520) for the last two sessions. A bounce into the $0.7540-$0.7560 may offer a new selling opportunity.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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