AUD/USD: downside risks may not have been exhausted - BBH

Analysts at Brown Brothers Harriman explained that the Australian dollar fell almost a nickel from its late January high near 0.8135 to its low at the end of March.  

Key Quotes:

"It remains stuck in its trough, reaching an eight-session high on April 5 (0.7625), but was turned back for the third time since mid-March in front of the 20-day moving average (0.7630)."

"The technical indicators are supportive, but the unenthusiastic price action warns that the downside risks may not have been exhausted, which is reflected in the technical studies on the weekly bar charts."

 "A break of 0.7600 sets the stage for a test on what is likely to be more formidable support near 0.7500."