Australian dollar continues to fall out of favour - BBH

Ross J Burland FXStreet

Analysts at Brown Brothers Harriman explained that the Australian dollar continues to fall out of favour.

Key Quotes:

"It lost about 1.2% last week and fell to its lowest level since mid-January. It fell in three of the four weeks in April. The convincing break of $0.7470 warns of scope for another 1% fall toward $0.7400. However, over the longer term, the measuring objective of the potential double top (February and March) near $0.7740-$0.7750, projects toward $0.7250. The technical indicators are consistent with additional losses, though the lower Bollinger band is seen near $0.7450."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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