#AUDUSD @ 0.63248 rebounds from 0.6270 to 0.6316, with Aussie showing resilience against the Greenback.
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- AUD/USD rebounds from 0.6270 to 0.6316, with Aussie showing resilience against the Greenback.
The pair currently trades last at 0.63248.
The previous day high was 0.64 while the previous day low was 0.6305. The daily 38.2% Fib levels comes at 0.6341, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6364, expected to provide resistance.
AUD/USD turns green in the day trades with gains of 0.17% after hitting a daily low of 0.6270, but upbeat growth data from the United States (US) bolstered the Greenback (USD), a headwind for the Aussie (AUD). Nevertheless, the Aussie’s (AUD) remained strong as the pair exchanges hands at 0.6316.
The US Bureau of Economic Analysis (BEA) revealed the economy grew at the fastest pace in almost two years, as the third quarter Gross Domestic Product (GDP) exceeded the 4.3% projected, coming at 4.9%. Additionally, Durable Goods Orders for September surged by 4.7%, significantly exceeding the consensus forecast of 1.7%. Given the solid state of the economy, the US Federal Reserve (Fed) has the perfect excuse to raise rates, as the economy continues to grow above trend.
Other data witnessed the US Bureau of Labor Statistics (BLS) releasing the Initial Jobless Claims for the week ending October 21, which increased by 210,000. This figure was higher than both the forecasts and the previous week’s numbers (208,000 and 200,000, respectively), indicating a potential loosening of the job market.
Aside from this, the latest inflation figures in Australia increased the odds for a hike by the Reserve Bank of Australia (RBA)¸ which has remained on hold, but with a data-dependent approach. The latest remarks by the RBA’s Governor Michelle Bullock have faded those assumptions, saying the Consumer Price Index (CPI) report was in line with policymakers’ expectations, while they assess the chances that would warrant a rate hike.
Ahead of the week, the Aussie’s economic docket will feature the PPI for the third quarter. On the US front, the Fed’s preferred gauge for inflation, the Core PCE, will be revealed, along with the Consumer Sentiment of the University of Michigan.
The AUD/USD downtrend remains intact, even though it bottomed out at around the 0.6300 mark, as the 50 and 200-day moving averages (DMAs) remain bearishly orderly. For a bearish continuation, the pair needs to surpass the 0.6300 mark, followed by the current year-to-date (YTD) low of 0.6270. Once those two levels are breached, up next would be the October 21, 2022, low of 0.6210. On the other hand, if buyers want to regain control, they need to lift prices above the 50-DMA at 0.6395.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6316 at the time of writing. Pair opened at 0.6309 and is trading with a change of 0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6316 |
| 1 | Today Daily Change | 0.0007 |
| 2 | Today Daily Change % | 0.1100 |
| 3 | Today daily open | 0.6309 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6358, 50 SMA 0.6399, 100 SMA @ 0.6543 and 200 SMA @ 0.6644.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6358 |
| 1 | Daily SMA50 | 0.6399 |
| 2 | Daily SMA100 | 0.6543 |
| 3 | Daily SMA200 | 0.6644 |
The previous day high was 0.64 while the previous day low was 0.6305. The daily 38.2% Fib levels comes at 0.6341, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6364, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6276, 0.6244, 0.6182
- Pivot resistance is noted at 0.6371, 0.6432, 0.6465
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6400 |
| Previous Daily Low | 0.6305 |
| Previous Weekly High | 0.6393 |
| Previous Weekly Low | 0.6296 |
| Previous Monthly High | 0.6522 |
| Previous Monthly Low | 0.6332 |
| Daily Fibonacci 38.2% | 0.6341 |
| Daily Fibonacci 61.8% | 0.6364 |
| Daily Pivot Point S1 | 0.6276 |
| Daily Pivot Point S2 | 0.6244 |
| Daily Pivot Point S3 | 0.6182 |
| Daily Pivot Point R1 | 0.6371 |
| Daily Pivot Point R2 | 0.6432 |
| Daily Pivot Point R3 | 0.6465 |
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