AUD failed to confirm a reversal pattern – BBH

The potential turning point for Australian dollar went for naught as it failed to confirm a reversal pattern at the start of last week, according to analysts at BBH. 

Key Quotes

“It posted the highest close since mid-2015 ahead of the weekend.   Like the Canadian dollar, the Slow Stochastics have not confirmed the new highs.  The MACDs are stretched but have not turned.  A close below $0.8000 could be among the first signs of the pending correction.  Beyond $0.8100, the $0.8250 area would beckon.”