Austan Goolsbee

AUD/USD slipped to 0.6917 as traders positioned for US inflation data and assessed renewed geopolitical tension involving the US and Iran. Technical traders are watching a bearish flag structure, with 0.6865 emerging as the key downside target if dollar strength persists.

GBP/USD retreated to around 1.3400 as traders assessed rising geopolitical risk, firmer energy prices, and a busy macro calendar. Technical traders are watching whether fading momentum opens the door to a move toward 1.3300 or whether buyers can reclaim 1.3500.