#AUDUSD @ 0.67812 is consolidating below 0.6800 as investors await US Retail Sales for further guidance. (Pivot Orderbook analysis)

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• AUD/USD is consolidating below 0.6800 as investors await US Retail Sales for further guidance.
• The USD Index has printed a fresh 11-month low at 100.78 amid rising fears of a recession in the US economy.
• upbeat Australian Employment data has renewed fears of more rate hikes from the RBA.

The pair currently trades last at 0.67812.

The previous day high was 0.6797 while the previous day low was 0.6685. The daily 38.2% Fib levels comes at 0.6754, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6728, expected to provide support.

The AUD/USD pair has turned sideways below the round-level resistance of 0.6800 in the Asian session after a juggernaut rally. The Aussie asset is showing a lackluster performance as investors are awaiting the release of the United States Retail Sales data. The reason behind the rally in the Aussie asset was a sheer decline in the US consumer inflation expectations after a more-than-anticipated deceleration in the US Producer Price Index (PPI) report.

S&P500 futures are showing rangebound moves after a perpendicular rally on Thursday, portraying a quiet mood amid the overall risk-appetite theme. The US Dollar Index (DXY) has printed a fresh 11-month low at 100.78 and is expected to extend its downside journey as the odds of the US economy entering into recession are extremely high amid tight credit conditions by US commercial banks after the banking fiasco.

US headline PPI softened heavily to 2.6% vs. the expectations of 3.0% and the former release of 4.6% amid lower gasoline prices. Firms passed on the benefit of lower input costs inspired by lower gasoline bills to end users by offering goods and services at lower prices.

Going forward, the synergic effect of decelerated US PPI and the Consumer Price Index (CPI) will force the Federal Reserve (Fed) to wrap up its policy-tightening spell.

Sheer volatility is expected from the USD Index ahead of the monthly Retail Sales (March) data. The street is anticipating a continuation of contraction in retail demand at a similar pace of 0.4% recorded in February. This could strengthen the requirement of pausing rates sooner by Fed chair Jerome Powell.

On the Australian Dollar front, upbeat Employment data has renewed fears of more rate hikes from the Reserve Bank of Australia (RBA). Investors should be aware that RBA Governor Philip Lowe kept rates unchanged at 3.6% in the April monetary policy meeting.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.678 at the time of writing. Pair opened at 0.678 and is trading with a change of 0.0 % .

The pair is trading above its 20 Daily moving average @ 0.6695, above its 50 Daily moving average @ 0.6752 , below its 100 Daily moving average @ 0.68 and above its 200 Daily moving average @ 0.6745

The previous day high was 0.6797 while the previous day low was 0.6685. The daily 38.2% Fib levels comes at 0.6754, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6728, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6711, 0.6643, 0.66
• Pivot resistance is noted at 0.6823, 0.6865, 0.6934

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