The Australian Dollar (AUD) is retracing its recent gains on Friday, following a rally on Thursday.
The Australia n Dollar retreated due to the improved US Dollar on Friday. The Australia n Dollar is facing pressure due to the less hawkish stance of the RBA on monetary policy. The US Dollar rebounded due to the hawkish Fed to maintain higher interest rates for a longer period. The Australia n Dollar is retracing its recent gains on Friday, following a rally on Thursday.
The AUD/USD pair is consolidating within a symmetrical triangle pattern, with the 14-day Relative Strength Index indicating a bullish bias by hovering above the 50-level. The AUD/USD pair could test the upper boundary around the swing area at the level of 0.6650. A break above this level may lead the pair to retest March’s high of 0.6667, with further upside potential toward the psychological level of 0.6700.
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