Damaging week for AUDUSD as Australian Dollar loses value against US Dollar

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The closing week has been an incredible one for the AUDUSD as the pair consistently lost value for consecutive days.

The Australian Dollar might have suffered serious setback in its bid to hold its weight against the Dollar as its currency pair lost hundreds of pips over the last couple of days of the closing week.

The pair started the week on an indifferent note, temporarily buying on a gradual mode, thereby reaching a weekly high of 1.0457 on Wednesday. This weekly high attained on Wednesday may have hit a major resistance for the pair that thrown it off balance, resulting in a woeful crash for the pair since then.

The pair fell from that high of 1.0457 through 1.0311 within 2 trading days thereby losing over 150 pips. This decline from the pair may not be unconnected with reports that the RBA (Reserve Bank of Australia) sold the Australian Dollar during October.

As trading continues early Friday, the pair may seem to have found temporary support at 1.0305 level leading it into the weekend.

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