#AUDUSD @ 0.63280 drops more than 0.80%, trading at 0.6328 after hitting a daily high of 0.6376.

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• AUD/USD drops more than 0.80%, trading at 0.6328 after hitting a daily high of 0.6376.

The pair currently trades last at 0.63280.

The previous day high was 0.6384 while the previous day low was 0.6332. The daily 38.2% Fib levels comes at 0.6364, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6352, expected to provide resistance.

AUD/USD reversed its course during the North American session, dropping more than 0.80% due to a mixed market sentiment sponsored by weak economic data from China, alongside geopolitical risks attributed to the Middle East conflict. The pair is trading at 0.6328 after hitting a daily high of 0.6376.

Wall Street remains mixed, with the Dow Jones and the S&P 500 registering gains, except the Nasdaq Composite. The latest round of economic data from the United States (US) showed the employment costs are rising, according to the US Department of Labor. Employment Cost Index rose 1.1%, above estimates of 1%, while the Conference Board (CB) revealed Consumer Confidence is deteriorating for a third straight month.

Meanwhile, the US Federal Reserve (Fed) commenced its two-day meeting today, with officials expected to hold rates unchanged. After that, Fed Chair Jerome Powell would deliver its press conference, which would be interesting to see if he keeps the door open for another hike. Earlier in that day, the ADP Employment Change, along with PMIs, revealed by S&P Global and ISM, could stir the boat ahead of the Fed’s decision.

On Australia’s front, the Reserve Bank of Australia (RBA) remains under pressure due to high inflation and strong consumer demand. The swaps market implies around a 60% chance the RBA could hike rates from 4.1% by a quarter or percentage point on the November 7 meeting.

In the meantime, the Australian Dollar’s (AUD) current leg down vs. the US Dollar (USD) was courtesy of China’s reporting October PMIs, which came weaker, with Services barely missing contractionary territory, while Manufacturing dropped below the 50 contraction/expansion level. Although it was an official statistic, traders will watch Caixin’s release on Wednesday.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6324 at the time of writing. Pair opened at 0.6374 and is trading with a change of -0.78 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6348, 50 SMA 0.6395, 100 SMA @ 0.6532 and 200 SMA @ 0.6635.

The previous day high was 0.6384 while the previous day low was 0.6332. The daily 38.2% Fib levels comes at 0.6364, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6352, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6343, 0.6312, 0.6292
• Pivot resistance is noted at 0.6395, 0.6415, 0.6446

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