AUD: Weakest of the major currencies - BBH

Analysts at BBH explain that the Australian dollar's 1.7% decline eclipsed sterling as the weakest of the major currencies last week and has risen only four times over the past 15 sessions.  

Key Quotes

“It had reached of $0.7750, the highest since the US election on March 21 and subsequently has fallen to approach the March low was near $0.7490.  The technical indicators warn of the risk of additional near-term losses.   The Aussie finished a little below the $0.7525 area.  This represents a 38.2% retracement of this year's gains, while the 100-day moving average is near $0.7515.”  

“The 50% retracement is found near $0.7455, and the 61.8% retracement is $0.7385.  The 200-day moving average is near $0.7550, and this is reasonable resistance.  The $0.7490 area may represent the neckline of a double top (February 23 ~$0.7740 and March 21 ~$0.7750.  If valid, the measuring objective is near $0.7230.”