AUD: Biased towards weakness - BBH

The Australian dollar fell one percent last week and was unable to recover from the somewhat more dovish than expected central bank statement and the sharp rise in global interest rates that took some of the shine away from the traditional high yielding Australian dollar, explains Marc Chandler, Global Head of Currency Strategy at BBH.  

Key Quotes

“In the second half of the week, the Aussie found support near $0.7570. A recovery toward $0.7635 would not change our bias toward a weaker Aussie.  A five-week uptrend line has been violated.  The MACDs and Slow Stochastics have turned lower.  The five-day moving average is set to cross the below the 20-day moving average for the first time since late May."