AUD/USD Retreats from Two-and-a-Half-Week High, Holds Near 0.6950
The Australian dollar pulled back from a two-and-a-half-week peak hit during Asian trading on Friday, settling near the mid-0.6900s as the pair gave back some of its earlier gains.
The AUD/USD pair attracted buyers for a second consecutive session on Friday, climbing to a two-and-a-half-week high around 0.6970 during Asian trading. However, the pair has since retreated a few pips and is currently trading in the mid-0.6900s, still up roughly 0.10% on the day.
Despite the pullback, the Australian dollar remains supported by broad risk appetite and recent strength in commodity prices. The 0.6970 level now acts as near-term resistance, while support is seen at the 0.6900 round figure.
Traders will watch for further US dollar dynamics and any fresh catalysts from the economic calendar in the afternoon session.
Source: FXStreet Forex News