The AUDUSD pair, which was previously at a rate of 0.64710, has pulled back to 0.6485. However, it is still maintaining its gains for the day.

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• AUD/USD retreated to 0.6485, still holding daily gains.

The pair currently trades last at 0.64710.

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 support. Similarly, the daily 61.8% fib level is at 0.6445, expected to provide support.

The AUD/USD retreated to 0.6480 from 0.6500 but still holds 0.30% daily gains following the Federal Reserve (Fed) policy statement and Chair Powell’s press conference.

The US Federal Reserve, in its September policy meeting, has opted to keep the federal funds rate unchanged within the range of 5.25% to 5.5%, aligning with market expectations. The Fed’s policy statement acknowledged continued economic expansion but noted a slowdown in job gains, though they remain robust. The central bank emphasized that inflation remains elevated, underscoring their cautious stance regarding inflation risks. Additionally, the revised Summary of Economic Projections (SEP), reflected in the dot plot, indicates policymakers foresee one more 25 basis points rate increase by year-end.

During his press conference, Jerome Powell maintained a neutral stance. He refrained from committing to another hike and said that the bank would proceed “carefully” meeting by meeting and that the next decisions would be decided on the totality of the incoming data. That being said, Powell commented that if needed, the bank prepared to raise rates further but that the lags of monetary policy and their impact on the economy will be considered in the next meetings.

As a response, the US 2 and 5-year bond yields soared to multi-year highs of 5.12% and 4.51%, respectively, while the 10-year rate stands at 4.34%. The US Dollar, measured by the DXY index, initially rose to 105.20 and then settled at 105.00.

Upon evaluating the daily chart, a neutral to bullish outlook for the short term is seen, with the bulls gradually recovering their strength. With an upward trend above its midline, the Relative Strength Index (RSI) points towards a bullish sentiment, while the Moving Average Convergence (MACD) histogram exhibits larger green bars. In addition, the pair is above the 20-day Simple Moving Average (SMA), but below the 100 and 200-day SMAs, suggesting that despite the recent bearish sentiment, the bulls are still resilient, holding some momentum.

Support levels: 0.6450, 0.6430 (20-day SMA), 0.6400.

Resistance levels: 0.6500, 0.6520, 0.6550.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6483 at the time of writing. Pair opened at 0.6454 and is trading with a change of 0.45 % .

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 support. 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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