Analysts at Brown Brothers Harriman explained that the Australian dollar continues to fall out of favour.
“It lost about 1.2% last week and fell to its lowest level since mid-January. It fell in three of the four weeks in April. The convincing break of $0.7470 warns of scope for another 1% fall toward $0.7400. However, over the longer term, the measuring objective of the potential double top (February and March) near $0.7740-$0.7750, projects toward $0.7250. The technical indicators are consistent with additional losses, though the lower Bollinger band is seen near $0.7450.”