AUD: Technical tide appears to have turned lower - BBH

Research Team at BBH, suggests that of the strongest technical signals, the strongest appears to be in the Australian dollar. 

Key Quotes

“Even though it did not convincingly penetrate the two-month uptrend drawn off the late May and late June lows (~$0.7450), the technical tide appears to have turned lower as the market anticipates a rate cut next month, barring a an upside surprise with this week's Q2 CPI report. 

The five-day moving average has moved below the 20-day moving average for the first time since early-June.  The MACDs have turned lower.  The $0.7410 area corresponds to a 50% retracement of the rally from late-May through mid-July. The 61.8% retracement is near $0.7350 and the post-Brexit low was set near $0.7300.”