The Australian dollar snapped a three-week advance and shed almost 1.3% last week. Key Quotes: "The 61.8% post-ECB and post-FOMC retracements are found near $0.7510. Like sterling, the RSI is neutral, but the MACDs have turned lower. If this month's gains are being corrected, the $0.7460 area that was approached on March 24 represents a 38.2% retracement. The 50% retracement is found just below $0.7400. If the entire Q1 moves is being retraced, its 38.2% retracement is $0.7355. Ironically, this negative near-term technical picture is emerging as 50-day average is on the verge of crossing above the 200-day average. Even if one places importance on this signal, our reading of the technical conditions suggests better levels will likely be seen." For more information, read our latest forex news.