Back
10 Mar 2014
Flash: AUD strongest currency against USD last week - BBH
FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that with the help of spectacular first tier data, especially robust retail sales and trade surplus, the Australian dollar was the strongest currency last week gaining about 1.75% against the US dollar.
Key Quotes
“It closed on March 6 above the top of its Bollinger Band, for the first time since mid-January and moved back barely within in before the weekend. The close was near its lows after new four month highs were recorded.”
“The close below $0.9080, which corresponds to both the 100-day moving average and the minimum retracement objective of the Aussie's slide since last October, warns of additional near-term losses. There is potential from a technical point of view back into the $0.9015-40 range.”
“On the upside, the $0.9200 is an important psychological level and coincides with the 50% retracement objective of the slide.”
Key Quotes
“It closed on March 6 above the top of its Bollinger Band, for the first time since mid-January and moved back barely within in before the weekend. The close was near its lows after new four month highs were recorded.”
“The close below $0.9080, which corresponds to both the 100-day moving average and the minimum retracement objective of the Aussie's slide since last October, warns of additional near-term losses. There is potential from a technical point of view back into the $0.9015-40 range.”
“On the upside, the $0.9200 is an important psychological level and coincides with the 50% retracement objective of the slide.”