FXStreet (Córdoba) – AUD/USD remains steady hovering slightly above 0.7000, consolidating weekly losses. The recovery that started yesterday from 0.6940 was capped by 0.7040. The short-term outlook remains uncertain: after falling 350 pips in a week, the pair is finally consolidating.
AUD/USD down for the week
The pair approached yesterday’s highs but it failed to break above and turned to the downside. It traded below 0.7000 but quickly managed to rise back above. During the last hours it remained sideways between 0.7000 and 0.7030; around 170 pips below the level it had a week ago.
Greenback is mostly lower on Friday but is the best performer over the last five days. The aussie and the pound were the worst among majors. Risk aversion boosted the US dollar against commodity currencies.
(Market News Provided by FXstreet)