#AUDUSD @ 0.65444 has shown a recovery move from below 0.6530 amid a decline in appeal for the USD Index. (Pivot Orderbook analysis)
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- AUD/USD has shown a recovery move from below 0.6530 amid a decline in appeal for the USD Index.
- Speaker McCarthy agreed for raising the US borrowing cap limit as US Biden got ready for compromise spending initiatives for the budget.
- Australian retail demand remained stagnated as higher interest rates and sky-rocketing cost of living have trimmed their pockets.
The pair currently trades last at 0.65444.
The previous day high was 0.6544 while the previous day low was 0.649. The daily 38.2% Fib levels comes at 0.6524, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6511, expected to provide support.
The AUD/USD pair has shown a solid recovery from below 0.6530 amid a sheer sell-off in the US Dollar Index (DXY). The Aussie asset is aiming to recapture its immediate resistance of 0.6544 as the appeal for risk-perceived currencies has improved dramatically.
S&P500 futures have surrendered significant added posted in early Asia as the demand for US equities has dropped after Republicans agreed on modifying United States debt dynamics to avoid a default situation. House of Representatives Kevin McCarthy agreed for raising the US borrowing cap limit as US President Joe Biden got ready for compromising spending initiatives for the budget. The approval for an increase in the current $31.4 trillion US debt limit has come for two years.
The USD Index has displayed a perpendicular fall after retreating from the crucial resistance of 104.20. More downside for the USD index is anticipated as more liquidity flush into the economy would undermine the appeal of the USD Index.
Meanwhile, investors are not focusing on rising expectations of more interest rate hikes by the Federal Reserve (Fed). Fed chair Jerome Powell is expected to raise rates further despite announcing that tight credit conditions by US regional banks are weighing on inflationary pressures. Households’ spending has increased sharply in April, indicating some persistence in inflation, which could diminish the impact of the interest rates raised yet.
The Australian Dollar is expected to remain on the tenterhooks as the street is mixed over the interest rate decision by the Reserve Bank of Australia (RBA), which is scheduled for next week. Households’ retail demand remained stagnated in April as higher interest rates and sky-rocketing cost of living have trimmed their pockets. Therefore, RBA Governor Philip Lowe could look for keeping interest rates steady.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6544 at the time of writing. Pair opened at 0.6514 and is trading with a change of 0.46 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6544 |
| 1 | Today Daily Change | 0.0030 |
| 2 | Today Daily Change % | 0.4600 |
| 3 | Today daily open | 0.6514 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.666, 50 SMA 0.6677, 100 SMA @ 0.6774 and 200 SMA @ 0.6704.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6660 |
| 1 | Daily SMA50 | 0.6677 |
| 2 | Daily SMA100 | 0.6774 |
| 3 | Daily SMA200 | 0.6704 |
The previous day high was 0.6544 while the previous day low was 0.649. The daily 38.2% Fib levels comes at 0.6524, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6511, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6489, 0.6463, 0.6435
- Pivot resistance is noted at 0.6542, 0.657, 0.6596
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6544 |
| Previous Daily Low | 0.6490 |
| Previous Weekly High | 0.6668 |
| Previous Weekly Low | 0.6490 |
| Previous Monthly High | 0.6806 |
| Previous Monthly Low | 0.6574 |
| Daily Fibonacci 38.2% | 0.6524 |
| Daily Fibonacci 61.8% | 0.6511 |
| Daily Pivot Point S1 | 0.6489 |
| Daily Pivot Point S2 | 0.6463 |
| Daily Pivot Point S3 | 0.6435 |
| Daily Pivot Point R1 | 0.6542 |
| Daily Pivot Point R2 | 0.6570 |
| Daily Pivot Point R3 | 0.6596 |
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