AUD/USD Pulls Back from June High, But Upside Still in Sight
The Australian dollar slipped below 0.7050 on Thursday after hitting its highest since June 17 at 0.7065, but the broader outlook remains tilted to the upside.
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AUD/USD edged lower during Asian trading on Thursday, retreating from the previous day’s high of 0.7065 – its strongest level since June 17. Spot prices currently trade just below the 0.7050 handle.
The mild pullback comes after a recent rally, yet the pair remains firmly above key support levels. Analysts suggest the downside potential appears limited, and the bullish bias is intact.
Broader U.S. dollar weakness and resilient commodity prices continue to underpin the Aussie, keeping the near-term focus on a potential retest of the June peak.
Source: FXStreet Forex News