AUD/USD Price Analysis: Retreats from the multi-month peak, downside potential restricted

 

The AUD/USD currency pair falls before the 0.7000 level and declines from a multi-month high achieved on Friday. Several variables work together to increase USD demand and provide downward pressure on the pair. Bulls are favored by the technical setup, which also offers opportunities for some dip-buying to arise.

The AUD/USD pair dropped during the early North American session after reaching the psychological barrier of 0.7000, which was also its highest point since August 26. In the past hour, the pair has fallen to a new daily low in the vicinity of 0.6935, wiping out some of the previous day’s post-US CPI gains and ending a two-day winning run.

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EDGE-FOREX

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