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AUD/USD: a near-term bottom in place? - BBH

The Australian dollar's attempt to move higher was snuffed out by the disappointing retail sales report.  

"Analysts at Brown Brother Harriman explained that the weaker than expected report encouraged a rejection of the $0.7700 level that the Aussie had poked through, and sent it back down under for a new low on the week near a key chart point (~$0.7640)." 

"A break of $0.7625 could signal another cent decline.  Nevertheless, the daily technical indicators suggest a near-term bottom has been approached.  A push to new lows may not be sustained."

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