Duaric refers to wlm (woman loving men) and mlw (man loving women). The term was made as an alternate to "straight" or “het”, when refering to a relationship where one or more people involved are not heterosexual, although they may be. Duaric includes straight people, as well as bisexuals, pansexuals, as well as any other men who are attracted to women and women who are attracted to men.
Duaric can also be use to describe a relationship between a man and a woman. They may both be straight but it is commonly used to refer to relationships between a man and a woman where one or both are not straight.
History
The term was coined by Tumblr user Nbandproud. The first mention of it on their blog was on March 23, 2018, however it appears the term was around before that[1]. The flag was created by Tumblr user Arco-Pluris on May 20, 2018[2]. The colors likely represent women with pink and men with blue.