AUD/SUD worst week in 13 months

FXStreet (Córdoba) - The aussie was among the worst performers in the currency market during the last five days and against the US dollar had the biggest weekly loss since July 2013. AUD/USD started the week trading above 0.9360 and since then moved with a bearish bias all week.

The pair bottomed on Friday at 0.9028 and then bounced slighty to finish the week trading around 0.9040/50, 330 pips below from where it was a week ago.

AUD/USD technical outlook

According to analysts from TD Securities, AUD losses are starting to show signs of slowing on the short-term charts, warning that there are indications that the move has become somewhat over -extended. “But trend momentum signals are aligned bearishly across a range of short, medium, long and ultra-long time frames now which will make a sustained recovery in the AUD hard to achieve.”