The Australian dollar snapped a three-week advance and shed almost 1.3% last week.
Key Quotes:
“The 61.8% post-ECB and post-FOMC retracements are found near $0.7510. Like sterling, the RSI is neutral, but the MACDs have turned lower.
If this month’s gains are being corrected, the $0.7460 area that was approached on March 24 represents a 38.2% retracement.
The 50% retracement is found just below $0.7400. If the entire Q1 moves is being retraced, its 38.2% retracement is $0.7355.
Ironically, this negative near-term technical picture is emerging as 50-day average is on the verge of crossing above the 200-day average.
Even if one places importance on this signal, our reading of the technical conditions suggests better levels will likely be seen.”
(Market News Provided by FXstreet)