#AUDUSD @ 0.64937 hovers at a make or breaks around 0.6500, US Durable Goods Orders eyed (Pivot Orderbook analysis)

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The pair currently trades last at 0.64937.

The previous day high was 0.6656 while the previous day low was 0.6512. The daily 38.2% Fib levels comes at 0.6567, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6601, expected to provide resistance.

The AUD/USD pair has turned sideways after declining to near the psychological support of 0.6500 in the Asian session. The asset has shifted into a short-term inventory adjustment process, which will result in a sheer move ahead.

In the early Tokyo session, the asset printed a fresh two-year low at 0.6487 and a less confident pullback pushed the asset above 0.6500, Now, the market participants have capitalized on a pullback and a firmer US dollar index (DXY) is supporting more weakness in the major.

The DXY has displayed a stellar performance as the firmer negative market sentiment forced investors to safeguard themselves behind the first. The asset is aiming to recapture its intraday high at 144.52. The House arrest of Chinese leader Xi Jinping has spooked the market sentiment as it has triggered political instability in the world’s second-largest economy. It has significantly weakened the Australian dollar as the antipodean is a leading trading partner of China.

This week, investors will keep an eye on US Durable Goods Orders data, which will release on Tuesday. As per the preliminary estimates, the economic data will decline by 1.1%. Earlier, the core Consumer Price Index (CPI) landed higher at 6.3%, higher than the estimates of 6.1% and the prior release of 5.9%. This has trimmed the demand for Durable Goods Orders.

On the Aussie front, investors are awaiting the release of the monthly Retail Sales data. A decline in the economic data in times when inflation is sky-rocketing in the Australian economy will indicate that the retail demand is pretty low.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6492 at the time of writing. Pair opened at 0.6526 and is trading with a change of -0.52 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6755, 50 SMA 0.6876, 100 SMA @ 0.6927 and 200 SMA @ 0.7094.

The previous day high was 0.6656 while the previous day low was 0.6512. The daily 38.2% Fib levels comes at 0.6567, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6601, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6473, 0.642, 0.6329
• Pivot resistance is noted at 0.6617, 0.6709, 0.6762

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