#AUDUSD @ 0.66062 is facing hurdles after a less-confident pullback move ahead of US GDP. (Pivot Orderbook analysis)

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• AUD/USD is facing hurdles after a less-confident pullback move ahead of US GDP.
• Consistently declining Australian CPI indicates that the RBA will keep interest rates steady further.
• AUD/USD is in a bearish trajectory after a breakdown of the Inverted Flag chart pattern.

The pair currently trades last at 0.66062.

The previous day high was 0.6639 while the previous day low was 0.6592. The daily 38.2% Fib levels comes at 0.661, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6621, expected to provide resistance.

The AUD/USD pair has sensed selling pressure after a less-confident pullback to near 0.6611 in the Tokyo session. The Aussie asset has resumed its downside journey as the USD Dollar Index (DXY) is concluding its marginal corrective move.

Investors are expected to shift their funds into the US Dollar amid anxiety ahead of the United States Gross Domestic Product (GDP) (Q1) data. A decline is expected to 2.0% from the former print of 2.6%. The street is anticipating a decline in GDP numbers as firms have postponed their expansion plans to avoid higher interest obligations.

The Australian Dollar witnessed an extreme sell-off on Wednesday after the soft landing of inflation data. The consistently declining Australian Consumer Price Index (CPI) indicates that the Reserve Bank of Australia (RBA) will keep interest rates steady further.

AUD/USD is in a bearish trajectory after a breakdown of the Inverted Flag chart pattern formed on the daily scale. The aforementioned chart pattern is a trend continuation pattern in which a long consolidation is followed by a breakdown.

The 20-period Exponential Moving Average (EMA) around 0.6680 is acting as a barricade for the Aussie bulls.

The Relative Strength Index (RSI) (14) has slipped into the bearish range of 20.00-40.00, which indicates an activation of downside momentum.

US Dollar bulls will flex their muscles if the Aussie asset will drop below March 15 low at 0.6590. An occurrence of the same will expose the asset to March 08 low at 0.6568 followed by 02 November 2022 high around 0.6500.

In an alternate scenario, only a decisive move above the round-level resistance of 0.6800 will drive the asset toward February 23 high at 0.6872 and February 20 high at 0.6920.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6605 at the time of writing. Pair opened at 0.6601 and is trading with a change of 0.06 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6698, 50 SMA 0.6708, 100 SMA @ 0.6796 and 200 SMA @ 0.674.

The previous day high was 0.6639 while the previous day low was 0.6592. The daily 38.2% Fib levels comes at 0.661, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6621, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6582, 0.6563, 0.6534
• Pivot resistance is noted at 0.663, 0.6658, 0.6677

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