The AUDUSD currency pair declines and removes the gains made on Wednesday, moving towards the area below 0.6450 as Thursday approaches.

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• AUD/USD takes a step lower and erases Wednesday’s gains to trade into the sub-0.6450 region heading into Thursday.

The pair currently trades last at 0.64511.

The previous day high was 0.6474 while the previous day low was 0.6428. The daily 38.2% Fib levels comes at 0.6456, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6445, expected to provide support.

The AUD/USD took a header after the Federal Reserve (Fed) had their rate call which saw the US central bank hold their benchmark interest rate steady at 5.5%.

The Greenback (USD) climbed across the board and the Aussie-Dollar pairing spilled across the charts to end Wednesday below where it started. The Fed raised their interest outlook, with the Federal Open Market Committee (FOMC) seeing interest rates at 5.1% at the end of 2024, half a percent higher than their previous forecast of 4.6%.

Read more:

Forex Today: US Dollar strengthens after Fed’s hawkish pause

Fed dot plot points to one more 25 bps hike in 2023 and 50 bps cut in 2024

Thursday will see US Initial Jobless Claims for the week into September 15th, which is forecast to tick up from 220K to 225K, and Aussie Purchasing Manager Index (PMI) figures.

Australian PMIs are scheduled for 23:00 GMT on Thursday, when markets will be heading into the Friday trading session. The Australian composite PMI last printed at a declining 48.0.

Friday will see the American side of PMI figures, which are expected to slightly improve, from 47.9 to an even 48.0 for manufacturing, and from 50.5 to 50.6 for the services component.

The AUD tumbled from the day’s high near 0.6510 to close out Wednesday trading just beneath the 0.6450 handle.

Intraday prices are still seeing support from the 200-hour Simple Moving Average, currently rising into 0.6440, and the ball will be in Aussie bulls’ courts to try and stage a relief rally.

On the daily candlesticks, the AUD/USD got knocked back from the 34-day Exponential Moving Average in Wednesday trading, and the pair currently sits noticeably bearish, well back from the 100-day SMA currently floating into the 0.6600 level.

The Relative Strength Index (RSI) and the Moving Average Convergence-Divergence (MACD) indicators are drifting into the midrange, with the pair trading into familiar territory on the weekly candles.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6447 at the time of writing. Pair opened at 0.6454 and is trading with a change of -0.11 % .

The pair is trading above its 20 Daily moving average @ 0.6432, below its 50 Daily moving average @ 0.6547 , below its 100 Daily moving average @ 0.6613 and below its 200 Daily moving average @ 0.6701

The previous day high was 0.6474 while the previous day low was 0.6428. The daily 38.2% Fib levels comes at 0.6456, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6445, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.643, 0.6406, 0.6384
• Pivot resistance is noted at 0.6476, 0.6498, 0.6522

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