The AUD/USD pair refreshed weekly lows during the early European session, albeit quickly recovered few pips thereafter. The pair was last seen trading near the 0.7840 region, down around 0.40% for the day. The pair witnessed some selling for the second consecutive session on Friday and extended the previous day's sharp fall from the key 0.8000 psychological mark, or fresh three-year tops.
Some follow-through US dollar buying was seen as a key factor exerting pressure on the AUD/USD pair, through bulls managed to defend the 0.7800 round-figure mark. That said, a modest pullback in the US bond yields held the USD bulls from placing aggressive bets. This, in turn, extended some support, rather assisted the AUD/USD pair to stage a modest intraday bounce from the 0.7800 mark. It will now be interesting to see if the pair can capitalize on the move or meets with some fresh supply at higher levels.