AUD: Looking for stale longs to use the bounce to get liquidated - BBH

Research Team at BBH is looking for stale longs to use the bounce to get liquidated for AUDUSD and the $0.7600-$0.7620 offers resistance.     

Key Quotes

“The Australian dollar lost about 1.0% last week and convincingly broke out of its one-cent range ($0.7600-$0.7700).  The measuring objective puts it closer to $0.7500, while the 38.2% retracement objective of this year's rally is near $0.7520.  The five-day moving average crossed below the 20-day average of the first time since mid-January.  The Australian dollar looked stretched and enjoyed a good bounce in the US afternoon before the weekend.”