The AUDUSD pair, currently trading at 0.64508, is experiencing selling pressure near the 0.6460 level due to the US Dollar rebounding.

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• AUD/USD faces selling pressure around 0.6460 as the US Dollar recovers.

The pair currently trades last at 0.64508.

The previous day high was 0.6458 while the previous day low was 0.6404. The daily 38.2% Fib levels comes at 0.6437, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6424, expected to provide support.

The AUD/USD pair falls back after testing selling pressure near the immediate resistance of 0.6460 in the early New York session. The Aussie asset comes under pressure as the US Dollar Index (DXY) refreshes a 10-week high at 104.00 as fears of a recession in developing nations have deepened.

S&P500 is expected to open on a positive note, following positive cues from overnight futures. A volatile action is anticipated in US equities as the market mood could turn cautious ahead of the Jackson Hole Symposium. The US Dollar Index (DXY) remained resilient as investors hoped that a strengthening US economy could force the Federal Reserve (Fed) to tighten the interest rate policy further.

Richmond Fed Bank President Thomas Barkin said on Tuesday that if inflation remains high and demand gives no signal, it is likely to drop. That environment would require tighter monetary policy. Fed Barkin expects that the recession situation will be ‘‘less severe’’.

Meanwhile, investors await preliminary United States PMI data to be reported by S&P Global for August. Analysts at BBH Markets expect Manufacturing PMI to remain steady at 49.0, services is expected to fall three ticks to 52.0, and the composite is expected to fall half a point to 51.5. If so, this composite would be the lowest since February.

On the Australian Dollar front, investors hope that the Reserve Bank of Australia (RBA) will keep interest rates unchanged in September. Australian inflation is softening consistently as hiring momentum slows and the population is getting older. The absence of triggers providing support to inflation will allow the RBA to keep the interest rate decision unchanged.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6425 at the time of writing. Pair opened at 0.6423 and is trading with a change of 0.03 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6539, 50 SMA 0.6662, 100 SMA @ 0.6662 and 200 SMA @ 0.6731.

The previous day high was 0.6458 while the previous day low was 0.6404. The daily 38.2% Fib levels comes at 0.6437, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6424, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6398, 0.6374, 0.6344
• Pivot resistance is noted at 0.6453, 0.6482, 0.6507

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