AUD/USD Bounces Back on Fading US Dollar Momentum

AUD/USD bulls took advantage of the US Dollar and yield's fading momentum to push the pair back towards its overnight highs.

The rally began after the New York session opened near 0.7130, a slight drop from the previous night's high of 0.7168. However, as the day progressed, the USD and US yields continued their downward trend, which helped riskier assets recover some losses.

This led to gold, silver, copper, and equities lifting off their lows, while the AUD/USD neared 0.7150, down only -0.33% during New York's afternoon session.

Despite the recent gains, technical indicators remain bearish for the pair, with falling RSI values and prices below the 10- and 21-day moving averages.