Forex
AUD/USD Slides Despite Friday Gains Amid Fed Rate Hike Expectations
The AUD/USD currency pair ended the week in positive territory on Friday but still registered a weekly decline of 0.45% due to growing expectations of a US Federal Reserve rate hike next week.
Despite this, the pair managed to close at $0.7171, up 0.38% from Thursday's levels.
From a technical perspective, analysts are looking for consolidation ahead after the pair closed the week on a down note.
The Relative Strength Index (RSI) is currently bullish, indicating further upside potential in the market.
However, buyers must first clear the 'doji' high formed on September 9 at $0.7237 before reaching higher levels, with the next ceiling level being the May 6 high at $0.7277.