The AUDUSD at 0.67937 has noticed an increase in buying near 0.6760 as the brief decrease in the USD index is coming to an end.

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• AUD/USD has sensed buying interest near 0.6760 as the short-lived pullback in the USD index is concluding.

The pair currently trades last at 0.67937.

The previous day high was 0.6804 while the previous day low was 0.6741. The daily 38.2% Fib levels comes at 0.678, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6765, expected to provide support.

The AUD/USD pair has found an intermediate support around 0.6760 in the European session. The Aussie asset remained in the bearish territory as the Australian Dollar was going through a rough phase after the release of less-hawkish Reserve Bank of Australia (RBA) minutes.

S&P500 futures have carry-forwarded losses posted in Asia to the London session, portraying caution in the risk profile. The US Dollar Index (DXY) is facing barriers after a short-lived recovery to near 102.16 as Federal Reserve (Fed) policymakers’ dovish commentary has receded the impact of hawkish Fed chair Jerome Powell’s testimony.

Meanwhile, the US treasury yields have also found support. At the press time, the 10-year US Treasury yields are hovering around 3.73%.

Investors are now focusing on the weekly Initial Jobless Claims data for the week ending June 16. The US Department of Labor has already reported higher-than-anticipated first-timer jobless claims straight for the past three weeks. Further jump in claims would convey that labor market conditions are easing further.

The Australian Dollar is consistently facing pressure as RBA minutes conveyed that policymakers were mixed about raising interest rates in June. Investors should note that Australian inflation rebounded strongly to 6.8%, which hinted at severe persistence. Also, labor market conditions have turned out tighter in May, which has cemented the chances of one more interest rate hike in July.

Going forward, Australian preliminary S&P PMI (June) data will remain in the spotlight, which will release on Friday. As per the preliminary report, Manufacturing PMI is seen declining to 48.1 vs. the prior release of 48.4. Services PMI is expected to drop sharply to 50.1 against the former release of 52.1.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6788 at the time of writing. Pair opened at 0.6797 and is trading with a change of -0.13 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6683, 50 SMA 0.6681, 100 SMA @ 0.672 and 200 SMA @ 0.6692.

The previous day high was 0.6804 while the previous day low was 0.6741. The daily 38.2% Fib levels comes at 0.678, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6765, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6757, 0.6717, 0.6693
• Pivot resistance is noted at 0.682, 0.6844, 0.6884

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