The AUD/USD currency pair retreated slightly from a recent two-week peak near 0.6960 during the Asian session on Tuesday, according to FX Street. This movement ended the pair’s three-day winning streak.
The pair encountered resistance close to the 38.2% Fibonacci retracement level near 0.6955, which may have contributed to the pullback. Despite the retreat, the overall momentum had been positive leading up to this point.
For Japanese investors, fluctuations in AUD/USD are closely watched as they can influence commodity-linked trades and impact broader risk sentiment in the FX market.