AUD: Technical indicators warn of additional losses - BBH

The Australian dollar fell to $0.7760 before the weekend, which is a new low for the year and just shy of the 61.8% retracement objective of the rally from early December (~$0.7500) to the late January high (~$0.8135) that is found near $0.7745, explains Marc Chandler, Global Head of Currency Strategy at BBH. 

Key Quotes

“The recovery in US equities appeared to help ensure the Australian dollar traded higher and managed to close firmly, a little above $0.7800.  A note of caution is that the Aussie closed below the lower Bollinger Band for the third consecutive session ahead of the weekend.   The technical indicators warn of additional losses, but if the Aussie can move above $0.7830, it would look more constructive.”