The AUDUSD currency pair, currently trading at 0.64669, is aiming to maintain a stable position above the 0.6500 level in order to prepare for a potential increase in value prior to the release of the US Nonfarm Payrolls report.

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• AUD/USD strives for stability above 0.6500 for a fresh upside ahead of US NFP.

The pair currently trades last at 0.64669.

The previous day high was 0.6522 while the previous day low was 0.6449. The daily 38.2% Fib levels comes at 0.6477, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6494, expected to provide resistance.

The AUD/USD pair consolidates in a narrow range near the psychological resistance of 0.6500 in the New York session. The Aussie asset remains topsy-turvy as investors await the US Nonfarm Payrolls (NFP) for August, which will be published on Friday. In addition to the US NFP, ISM Manufacturing PMI will be keenly watched.

After US Automatic Data Processing (ADP) Employment report, investors hope that the labor market is losing resilience. Firms are operating with the current labor force due to the deteriorating demand environment.

Meanwhile, the Australian Dollar will dance to the tunes of the Caixin Manufacturing PMI data. The Australian Dollar as a proxy to the Chinese economy might come under pressure if China’s factory activities remain below the 50.0 threshold.

AUD/USD has been consolidating in a wider range of 0.6336-0.6525 for the past 15 trading sessions. The Aussie asset is aiming to stabilize above the 200-period Exponential Moving Average (EMA), which trades around 0.6480.

Momentum would turn bullish after the Relative Strength Index (RSI) (14) shifts into the 60.00-80.00 range.

A recovery move above August 15 high around 0.6522 will drive the asset to August 9 high at 0.6571. Breach of the latter will drive the asset towards August 10 high at 0.6616.

In an alternate scenario, a fresh downside would appear if the Aussie asset dropped below August 17 low around 0.6360. This would expose the asset to the round-level support of 0.6300 followed by 03 November 2022 low at 0.6272.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6477 at the time of writing. Pair opened at 0.6475 and is trading with a change of 0.03 % .

The pair is trading above its 20 Daily moving average @ 0.6474, below its 50 Daily moving average @ 0.6616 , below its 100 Daily moving average @ 0.6649 and below its 200 Daily moving average @ 0.6724

The previous day high was 0.6522 while the previous day low was 0.6449. The daily 38.2% Fib levels comes at 0.6477, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6494, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6442, 0.6409, 0.6369
• Pivot resistance is noted at 0.6515, 0.6555, 0.6588

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