Australian Dollar Steady Near 0.7060 Ahead of RBA Decision

The AUD/USD pair traded around the 0.7060 handle on Monday, giving back a modest portion of its recent strength after advancing for six consecutive weeks. The pair's moves remain subdued as traders position cautiously ahead of the Reserve Bank of Australia (RBA) policy decision.

The Australian Dollar's recent uptrend has been supported by diverging monetary policy expectations and firmer commodity prices, but momentum has faded heading into the central bank meeting. Market participants widely expect the RBA to keep rates on hold, though forward guidance will be closely parsed.

With no major US economic data releases to provide direction, the pair is likely to consolidate near current levels until the RBA's statement offers clearer signals on the rate path.