The Australian dollar rallied continuously for the 5th consecutive week amid the bullish sentiment in the commodity market. Russia’s invasion of Ukraine did not have much effect on the AUD/USD pair, instead, it went above the major resistance level at the 0.7400 mark. However, the bullish momentum did not sustain above this resistance level and the pair experienced substantial selling pressure on Monday. The Australian dollar fell by over 0.82% on Monday and is down by 0.3% on Tuesday morning in the Asian trading session. Currently, it is testing the next immediate support level at the 200-day exponential Moving Average at the 0.7290 mark.
