The Australian dollar dipped its toe into the upper 60s last week, although for now it is not ready to commit to a break below 70c. And while it mostly finished lower against its major peers, its performance was mixed and not akin to a currency in freefall.
Australian dollar remains at the front foot and continues to pressure strong barriers at 0.7050 zone (daily cloud base / Fibo 23.6% of 0.7277/0.6978) for the second consecutive day, but attempts to extend Thursday's almost 1% advance, remain so far capped.
AUD/USD remains under pressure after a sharp reversal from the yearly highs, with the decline now approaching a major support confluence that could prove pivotal for the broader trend. The selloff has driven momentum to its weakest levels in months and brings the multi-month uptrend into focus as price nears a critical technical threshold.