AUD: Test of 0.76 level coming? - BBH

Year-to-date, the Australian dollar's 1.4% decline secures is place as the second weakest of the major currencies, notes Marc Chandler, Global Head of Currency Strategy at BBH.  

Key Quotes

“The key reversal in the middle of the week, (it make a new low for the move and year before turning higher and closing above the previous day's high) did not spur much follow-through buying, and the Aussie returned to its near-term base a little below $0.7700.  The technical indicators give little reason to pick a bottom here, and equity market weakness may also discourage buyers.  A break of $0.7670 would likely spark a test on stronger support near $0.7600.”