Three days of gains wiped out
There is nothing to like about the Australian dollar chart.
There was already a downtrend in the making and then today's +100 pip decline took out three days of gains and the April low in one swift swoop. The pair is down 105 pips to 0.7430 at writing, which is the lowest since January 12.
There's a series of lower highs, lower lows and no good support until the lows at the start of the year.
In the big picture I'm skeptical about the sustainability of the US dollar rally but this is a chart that's tough to fight.
Australian trade balance is due at 0130 GMT.
