The Australian Dollar (AUD) continues its upward trend for the fifth consecutive session on Friday.
The Australia n Dollar remains firmer due to the hawkish sentiment surrounding RBA’s rate trajectory. The Australia n Dollar gains in response to the Aussie 10-year yield hitting a 21-week high of 4.59%. The rebound of the US Dollar could be attributed to a shift in market sentiment toward risk-off. The Australia n Dollar continues its upward trend for the fifth consecutive session on Friday.
The AUD/USD pair could target the pullback resistance at the level of 0.6553. A breakthrough above the latter could lead the pair to approach the psychological level of 0.6600 and aim for the triangle's upper boundary near 0.6639. On the downside, immediate support is expected around the psychological level of 0.6500. A break below this level may lead to further downside momentum, with the next significant support region around 0.6443, following further support at April’s low of 0.6362.
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