#AUDUSD @ 0.65410 US Dollar unstoppable amid risk aversion and positive US economic data. (Pivot Orderbook analysis)

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• US Dollar unstoppable amid risk aversion and positive US economic data.
• US yields moderate upside as Wall Street falls further.
• AUD/USD extends weekly losses and trades at its lowest since May 202.

The pair currently trades last at 0.65410.

The previous day high was 0.6671 while the previous day low was 0.6574. The daily 38.2% Fib levels comes at 0.6634, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6611, expected to provide resistance.

The AUD/USD dropped further during the American session amid risk aversion and a stronger greenback. The pair is trading at 0.6540, the lowest level in more than two years, under pressure while the DXY printed fresh 20-year highs near 113.00.

The dollar is the only king in town on Friday. Commodities are plunging, including a 6% slide in crude oil prices and a 4% decline in silver. Sovereign bonds are also lower, only finding some demand as investors fly to quality. In Wall Street, the Dow Jones is falling by 1.51% and the S&P 500 drops by 1.76%.

Fears about a global recession and higher interest rate continue to weigh on market sentiment that affects emerging and commodity currencies. The US dollar not only benefits from risk aversion on Friday but also from US economic data. The S&P Global PMI preliminary September reading showed a much larger than expected rebound, particularly in the service sector that boosted the greenback further.

The 100-pip slide on Friday in AUD/USD, adds to weekly losses that now are near 200 pips. The pair is about to post the lowest weekly close since May 2020. Despite oversold readings, the negative momentum remains firm.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6547 at the time of writing. Pair opened at 0.6644 and is trading with a change of -1.46 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6775, 50 SMA 0.6882, 100 SMA @ 0.6933 and 200 SMA @ 0.7097.

The previous day high was 0.6671 while the previous day low was 0.6574. The daily 38.2% Fib levels comes at 0.6634, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6611, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6589, 0.6533, 0.6492
• Pivot resistance is noted at 0.6685, 0.6726, 0.6782

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