The AUDUSD pair is moving horizontally around the 0.6400 level, mirroring the movements of the US Dollar.

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• AUD/USD trades sideways near 0.6400, following the footprints of the US Dollar.

The pair currently trades last at 0.63977.

The previous day high was 0.6395 while the previous day low was 0.6362. The daily 38.2% Fib levels comes at 0.6375, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6383, expected to provide support.

The AUD/USD pair trades back and forth near the crucial resistance of 0.6400 in the London session. The Aussie asset turns sideways following the footprints of the US Dollar Index (DXY), which is holding an auction near a five-month high of 105.20.

S&P500 futures posted some losses in Europe, portraying a cautious market mood amid accelerating fears of economic turmoil due to the strict monetary policy stance by Western central banks. Investors have parked their funds in the US Dollar due to uncertainty about global economic recovery in a high interest-rate environment.

European and Asian economies are facing the wrath of higher interest rates by their respective central banks in the battle against stubborn inflation. Economic activities in the largest continent and the trading bloc are shrinking due to the vulnerable demand environment. Also, firms avoid fresh credit globally due to higher interest obligations.

On Thursday, Fed speakers supported keeping interest rates unchanged in September monetary policy. Investors await August Consumer Price Index (CPI) data to get more cues about the interest rate policy.

The Australian Dollar remained in action this week as the Reserve Bank of Australia (RBA) kept the interest rate policy unchanged. About labor market outlook, RBA Governor Philip Lowe cited that the Unemployment Rate can sustain near 40-year lows and wage growth is strong.

Meanwhile, investors eye China’s Consumer Price Index (CPI) for August, which will be published on Saturday. Monthly economic data is seen expanding at a 0.3% pace, higher than the pace of 0.2%, being recorded for July. Annual inflation is seen at 0.1% against a deflation of 0.3%.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6392 at the time of writing. Pair opened at 0.6376 and is trading with a change of 0.25 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6437, 50 SMA 0.6586, 100 SMA @ 0.663 and 200 SMA @ 0.6715.

The previous day high was 0.6395 while the previous day low was 0.6362. The daily 38.2% Fib levels comes at 0.6375, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6383, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.636, 0.6345, 0.6327
• Pivot resistance is noted at 0.6393, 0.641, 0.6426

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