AUD/USD technical analysis: 21-DMA, 23.6% Fibo. question buyers

• The Aussie pair carries previous strength on commodity rally, led by Gold.
• A 21-day simple moving average (21-DMA) and 23.6% Fibonacci retracement of recent five-month decline cap the upside.

With the extend run-up of commodity prices, more specifically Gold’s surge to 69 months high, the AUD/USD pair manages to remain strong around a week’s top while taking the rounds to 0.6930 during early Friday.

However, the 0.6931/40 area comprising 21-DMA and 23.6% Fibonacci retracement acts as an immediate challenge for the buyers.

On the upside break of 0.6940, early-month lows near 0.6960/65 and 50-DMA level of 0.6980 may come back on the chart.

Should bulls hold the reins past-0.6980, 38.2% Fibonacci retracement near 0.7010 and 0.7050 can become their favorites.

Meanwhile, 0.6900 and 0.6860 holds the pair for the pair’s drop towards revisiting month’s low near 0.6830.

AUD/USD daily chart

Trend: Pullback expected