#AUDUSD @ 0.67821 is aiming to cross 0.6800 on higher-than-expected Aussie Services PMI data. (Pivot Orderbook analysis)

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• AUD/USD is aiming to cross 0.6800 on higher-than-expected Aussie Services PMI data.
• The RBA may announce a fourth consecutive interest rate hike by 50 bps to tame inflation.
• An upbeat US NFP data has driven the DXY above the significant hurdle of 110.00.

The pair currently trades last at 0.67821.

The previous day high was 0.6855 while the previous day low was 0.6779. The daily 38.2% Fib levels comes at 0.6826, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6808, expected to provide resistance.

The AUD/USD pair is sensing less-confident barricades around 0.6800 in the early Tokyo session. A follow-up buying has been witnessed after a gap-down move as oscillators turned extremely oversold on a lower timeframe. Now, the release of the upbeat Aussie Services PMI data has strengthened the antipodean.

The economic data has been released at 50.2, higher than the consensus and the prior release of 49.6. Adding to that, the Australian Industry Group (AIG) has reported a significant uptick in the Performance of Construction Index data. The macro data has released at 47.9 vs. 45.3 released earlier.

This week, the entire focus will remain on the interest rate decision by the Reserve Bank of Australia (RBA), which will release on Tuesday. Taking into account that price pressures have not displayed any exhaustion signals yet in the Aussie economy, the RBA will announce a fourth consecutive 50 basis points (bps) rate hike. This will step up the Official Cash Rate (OCR) to 2.35%.

Meanwhile, the US dollar index (DXY) has overstepped the prior week’s high and has touched an intraday high above the psychological resistance of 110.00. The DXY is aiming higher as odds of a bumper rate hike by the Federal Reserve (Fed) are soaring significantly. After upbeat US Nonfarm Payrolls (NFP) data, the Fed is extremely delighted and may move the interest rate needle higher unhesitatingly. It is important to note that the US markets are closed on Monday on account of Labor Day.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6848 at the time of writing. Pair opened at 0.6812 and is trading with a change of 0.53 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6942, 50 SMA 0.6906, 100 SMA @ 0.6998 and 200 SMA @ 0.7124.

The previous day high was 0.6855 while the previous day low was 0.6779. The daily 38.2% Fib levels comes at 0.6826, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6808, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6776, 0.6739, 0.6699
• Pivot resistance is noted at 0.6852, 0.6891, 0.6928

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