Home Analysis Australian dollar printed the first weekly loss in last six weeks

Australian dollar printed the first weekly loss in last six weeks

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Australian dollar printed the first weekly loss in last six weeks - forexspacex.com

The Australian dollar rallied significantly in the last six weeks on rising commodity prices and supply chain bottlenecks due to the Russia Ukraine crisis. However, this week was a little different amid the more diplomatic talks between the Russian foreign minister and Ukrainian counterparts. Consequently, the Australian dollar attracted heavy selling on Friday and fell by over 0.88% to trade below the next immediate support level at the 0.7300 mark. The 14-Period Relative strength index indicator is also making lower highs and lower lows, indicating a possible correction ahead. The AUD/USD pair may extend the decline next week after any announcement from U S Federal Reserve regarding the aggressive rate hikes.

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