#AUDUSD @ 0.63744 approached 0.6400 as the US Dollar corrected amid improved market mood.

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• AUD/USD approached 0.6400 as the US Dollar corrected amid improved market mood.

The pair currently trades last at 0.63744.

The previous day high was 0.6368 while the previous day low was 0.632. The daily 38.2% Fib levels comes at 0.635, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6338, expected to provide support.

The AUD/USD pair extends gains above the crucial resistance of 0.6368 in the early New York session. The Aussie asset is approaching the round-level resistance of 0.6400 as the US Dollar has corrected after failing to recover above the 106.70 resistance.

The S&P500 opens on a strong bullish note as investors hope that the Federal Reserve (Fed) is done with hiking interest rates and a neutral commentary is expected for the second time in arrow. The market mood has turned cheerful as no more interest rate hikes from the Fed would bring a sense of optimism to US firms.

Higher US bond yields are responsible for expectations pointing to a steady interest rate decision by the Fed. The 10-year US Treasury yields jumped to near 4.89%, reflecting the confidence of investors in the strength of the US economy and expectations that the Fed will keep interest rates higher for a significantly longer period.

The US Dollar Index (DXY) corrects to near 106.28 as investors shift focus to the US ADP Employment Change and the ISM Manufacturing PMI data for October, which will be announced on Wednesday. Investors will keenly watch the US factory data as it has been contracting consistently for the last 11 months. S&P Global survey showed that private factory PMI met the 50.0 threshold in October.

Meanwhile, the Australian Dollar will be impacted by the Caixin Manufacturing PMI data for October. As per the consensus, the economic data expanded to 50.8 vs. the former release of 50.6. It is worth noting that Australia is the leading trading partner of China and higher factory activities in China support the Australian Dollar.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6376 at the time of writing. Pair opened at 0.6335 and is trading with a change of 0.65 % .

The pair is trading above its 20 Daily moving average @ 0.6348, below its 50 Daily moving average @ 0.6395 , below its 100 Daily moving average @ 0.6535 and below its 200 Daily moving average @ 0.6638

The previous day high was 0.6368 while the previous day low was 0.632. The daily 38.2% Fib levels comes at 0.635, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6338, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6314, 0.6293, 0.6266
• Pivot resistance is noted at 0.6362, 0.6389, 0.641

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