#AUDUSD @ 0.67028 has continued its sideways performance around 0.6700 as investors await RBA minutes. (Pivot Orderbook analysis)

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• AUD/USD has continued its sideways performance around 0.6700 as investors await RBA minutes.
• The demand for US government bonds dented significantly as investors are eyeing one more rate hike from the Fed.
• The RBA could sound hawkish in coming sessions as Australian job market data remained resilient in March.

The pair currently trades last at 0.67028.

The previous day high was 0.6806 while the previous day low was 0.6695. The daily 38.2% Fib levels comes at 0.6738, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6764, expected to provide resistance.

The AUD/USD pair has continued its sideways auction in the early Asian session around 0.6700. The Aussie asset remained lackluster on Monday despite a decent upside in the US Dollar Index (DXY). A back-and-forth action might continue in the Aussie asset ahead of the release of the Reserve Bank of Australia (RBA) minutes and Chinese Gross Domestic Product (GDP) data.

S&P500 ended Monday’s session on a positive note led by a recovery in banking stocks. A stock-specific action has been witnessed in US equities amid the quarterly result season. The US Dollar Index (DXY) extended its upside journey to near 102.20 in hopes of more rate hikes from the Federal Reserve (Fed) despite the sheer softening of United States inflation.

The demand for US government bonds dented significantly as chances of one more rate hike are above 86%, according to the CME Fedwatch tool. Therefore, the yields offered on 10-year US Treasury bonds rose firmly above 3.60%.

A power-pack action is expected from the Australian Dollar amid the release of the RBA minutes, which will provide a detailed explanation behind keeping interest rates unchanged.

RBA Governor Philip Lowe could sound hawkish in coming sessions as Australian Employment (March) data showed higher than anticipated additions of fresh talent last week. Also, the Unemployment Rate dropped to 3.5%. This could force the RBA to reconsider its unchanged policy stance.

On Tuesday, investors will also focus on China’s Gross Domestic Product (GDP) (Q1) data. According to the estimates, the Chinese economy has expanded by 2.2% vs. a stagnant performance shown in the last quarter of CY2022. On an annual basis, the economy is expanded by 4.0% against a 2.9% growth rate recorded earlier. It is worth noting that Australia is the leading trading partner of China and higher Chinese GDP data would support the Australian Dollar.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6703 at the time of writing. Pair opened at 0.6704 and is trading with a change of -0.01 % .

The pair is trading above its 20 Daily moving average @ 0.6696, below its 50 Daily moving average @ 0.6748 , below its 100 Daily moving average @ 0.68 and below its 200 Daily moving average @ 0.6744

The previous day high was 0.6806 while the previous day low was 0.6695. The daily 38.2% Fib levels comes at 0.6738, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6764, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6664, 0.6624, 0.6552
• Pivot resistance is noted at 0.6775, 0.6846, 0.6886

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