AUD: Near-term outlook favorable – BBH

Research Team at BBH, suggests that the near-term outlook for the Australian dollar is favourable after it finished last week at its best levels since last July.

Key Quotes

“It is breaking out of a rectangle pattern, and has surpassed the 50% retracement objective of the big decline since last May that began near $0.8165. The 61.8% retracement is seen near $0.7650.

The rectangle pattern, or some derivative of a double bottom, projects toward $0.7850, which corresponds to congestions from last June. The shift in sentiment is evidenced by the fact that the Aussie has been flirting with the upper Bollinger band for the past eight sessions.”

Research Team at BBH, suggests that the near-term outlook for the Australian dollar is favourable after it finished last week at its best levels since last July.

(Market News Provided by FXstreet)