The Australian dollar to US dollar exchange rate is currently at 0.64454 and remains higher than 0.6445, despite the US dollar’s stabilization.
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- AUD/USD holds above 0.6445 amid the USD consolidation.
The pair currently trades last at 0.64454.
The previous day high was 0.6474 while the previous day low was 0.6425. The daily 38.2% Fib levels comes at 0.6443, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6455, expected to provide resistance.
The AUD/USD pair recovers its losses after retracing from a two-week high of 0.6473 during the early European session on Monday. The pair is trading at 0.6445, gaining 0.24% on the day. Market players prefer to wait on the sidelines ahead of the monetary poly meeting of the Reserve Bank of Australia (RBA) and the Federal Reserve (Fed).
The Minutes from the RBA are scheduled for Tuesday and the markets anticipate the Australian central bank to maintain its cash rate at 4.10% for a third consecutive month. The latest report from Reuters said that Michele Bullock takes over as the first woman to lead the Reserve Bank of Australia (RBA) on Monday, she will inherit an economy with moderating inflation, robust employment, and continued development. Markets believe Bullock to maintain them in her first meeting as governor next month, and some economists believe her first policy shift would be a rate cut.
On the US Dollar front, the market expects the Fed to hold interest rates steady at its September policy meeting while keeping one more rate hike on the table. Fed Chairman Jerome Powell will later hold a press conference with no major changes expected from the Fed. However, a dovish stance from official might trigger a decline in the US Dollar (USD) and acts as a tailwind for the AUD/USD pair. According to the CME Fedwatch tool, the markets have fully priced in that the Fed would skip hiking rates in September, while odds for a 25 basis point (bps) hike at the November meeting decline to 27%.
On Friday, the Federal Reserve Bank of New York reported that the Empire State Manufacturing Index in August improved to 1.9 from -19 in the previous reading, above the market estimate of a 10 decrease. Additionally, Industrial Production rose by 0.4% MoM from 1% in July, surpassing market expectations. The preliminary Consumer Sentiment Index for September fell from 69.1 to 67.7, per the University of Michigan. Finally, the five-year Consumer Inflation Expectation came in at 2.7% from 3% prior.
Looking ahead, the RBA interest rate decision will take place on Tuesday. The attention will shift to the Fed monetary decision on Wednesday. These events could trigger the volatility in the pair. Traders will take cues from the statement and find trading opportunities around the AUD/USD pair.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6444 at the time of writing. Pair opened at 0.643 and is trading with a change of 0.22 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6444 |
| 1 | Today Daily Change | 0.0014 |
| 2 | Today Daily Change % | 0.2200 |
| 3 | Today daily open | 0.6430 |
The pair is trading above its 20 Daily moving average @ 0.6429, below its 50 Daily moving average @ 0.6557 , below its 100 Daily moving average @ 0.6617 and below its 200 Daily moving average @ 0.6705
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6429 |
| 1 | Daily SMA50 | 0.6557 |
| 2 | Daily SMA100 | 0.6617 |
| 3 | Daily SMA200 | 0.6705 |
The previous day high was 0.6474 while the previous day low was 0.6425. The daily 38.2% Fib levels comes at 0.6443, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6455, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6412, 0.6394, 0.6363
- Pivot resistance is noted at 0.6461, 0.6491, 0.6509
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6474 |
| Previous Daily Low | 0.6425 |
| Previous Weekly High | 0.6474 |
| Previous Weekly Low | 0.6378 |
| Previous Monthly High | 0.6724 |
| Previous Monthly Low | 0.6364 |
| Daily Fibonacci 38.2% | 0.6443 |
| Daily Fibonacci 61.8% | 0.6455 |
| Daily Pivot Point S1 | 0.6412 |
| Daily Pivot Point S2 | 0.6394 |
| Daily Pivot Point S3 | 0.6363 |
| Daily Pivot Point R1 | 0.6461 |
| Daily Pivot Point R2 | 0.6491 |
| Daily Pivot Point R3 | 0.6509 |
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