AUD/USD is a little higher going into European trading

AUD/USD D1 06-05

Amid the pullback in equities yesterday and some mild strength in the dollar from time to time over the past few sessions, the pair looked like it may be on course for a correction but buyers still managed to squeeze out gains at the end of the day.

Another nudge higher today would represent seven straight days of gains in the pair.

Right now, price is trading higher by nearly 0.5% and touching a session high of 0.6979.

The risk mood is actually sitting in a better spot ahead of European trading, with US futures now up by 0.6%. So, that is helping a little with the aussie and is seeing the dollar also keep mildly weaker thus far.

The 0.7000 handle remains the key level to watch for AUD/USD and it could lead to some profit-taking nearby and also surely it will start to draw attention from the RBA with the currency now nearing 9% gains against the dollar since May.

Just above that, there is further resistance from the 31 December high @ 0.7032.