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Forex Flash: GBP & AUD most technically constructive - BBH

FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that Sterling and the Australian dollar (the latter is not even part of the Dollar Index) appear the most constructive technically.

He adds that Sterling appears to be carving out a potential head and shoulders bottoming pattern, which projects toward $1.56, which also corresponds to a 50% retracement of the decline since the start of the year. Further, he sees that other technical indicators lend support to this more favorable near-term outlook for sterling. He writes, “We note that for the first time since the start of the year, sterling's 5-day moving average has moved above the 20-day average.”

Looking to AUD, he notes that Shifting interest rate expectations have helped it to recover around 2/3 of this year's decline. He writes, “Thus far in March, it is the best performing major currency, gaining 2.2 cents against the US dollar. The $1.04 area,which had previously served as resistance should now serve as support. There is near-term potential into the $1.0500-30 area, though many look for a retest on $1.06.”

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