#AUDUSD @ 0.64995 The Aussie bounces up at 0.6450 and returns above 0.6500. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• The Aussie bounces up at 0.6450 and returns above 0.6500.
• The US dollar dives on hopes of a Fed pivot.
• Australian CPI accelerates to a 32-year high.

The pair currently trades last at 0.64995.

The previous day high was 0.6412 while the previous day low was 0.63. The daily 38.2% Fib levels comes at 0.6369, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6343, expected to provide support.

The Australian dollar remains strongly bid for the second consecutive day on Wednesday. The pair has resumed the upside trend, after testing support at 0.6450 earlier today, and exploring levels past 0.6500 for the first time since early October.

The greenback remains on the defensive amid the increasing evidence that the Federal Reserve’s tightening cycle might damage economic growth before inflation is tamed.

Tuesday’s macroeconomic data showed that US housing prices slowed down for the second consecutive month in August, with rising mortgage prices pushing buyers out of the market.

The Fed is widely expected to approve the fourth consecutive 0.75% hike after the November 1 and 2 meeting, but the market is starting to price in a 0,50% hike in December. A report by the Wall Street Journal confirmed this scenario last week, suggesting that Fed officials are discussing how to communicate lower rate hikes for the months ahead. This is taking a toll on the US dollar, which has surged across the board over the last months, propelled by a hawkish Fed.

On the other hand, Australian data showed earlier on Wednesday that the CPI expanded at its fastest pace in 32 years in the third quarter. The yearly inflation accelerated by 7.3% against the 7% anticipated by the analysts, which adds pressure on the RBA to keep increasing interest rates thus buoying demand for the aussie.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6505 at the time of writing. Pair opened at 0.6396 and is trading with a change of 1.7 % .

The pair is trading above its 20 Daily moving average @ 0.6364, below its 50 Daily moving average @ 0.6612 , below its 100 Daily moving average @ 0.6772 and below its 200 Daily moving average @ 0.7001

The previous day high was 0.6412 while the previous day low was 0.63. The daily 38.2% Fib levels comes at 0.6369, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6343, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6327, 0.6257, 0.6215
• Pivot resistance is noted at 0.6439, 0.6481, 0.6551

[/s2If]
Join Our Telegram Group