The Australian dollar fell in four sessions last week and eight of the past 11 and lost 1.4% last week to test a six-month low near $0.7500, notes the analysis team at BBH. 

Key Quotes

“The central bank is clearly on hold.  A mild disappointing Q3 GDP, due to softer consumption, and a much smaller October trade surplus (A$105 mln vs expectations for ~A$1.4 bln and A$1.6 bln in Sept) reinforced the signal from the Reserve Bank of Australia.    A note of caution comes from the Bollinger Band, which the Ausise closed below (~$0.7520) for the last two sessions.  A bounce into the $0.7540-$0.7560 may offer a new selling opportunity.”