#AUDUSD @ 0.68264 has climbed above 0.6830 as the risk-on profile has rebounded firmly. (Pivot Orderbook analysis)

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• AUD/USD has climbed above 0.6830 as the risk-on profile has rebounded firmly.
• Better-than-projected release of the Caixin Manufacturing PMI data has supported the Australian Dollar.
• The RSI (14) has shifted into the bullish range of 60.00-80.00, which indicates that the bullish momentum has been activated.

The pair currently trades last at 0.68264.

The previous day high was 0.6825 while the previous day low was 0.6793. The daily 38.2% Fib levels comes at 0.6805, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6813, expected to provide support.

The AUD/USD pair has got immense strength after the release of better-than-anticipated Caixin Manufacturing PMI data. The economic data landed at 49.0 higher than the former release of 48.8 despite a spike in Covid-19 infections after the Chinese administration adopted a sheer pace for reopening the economy.

The US Dollar Index (DXY) has dropped below 103.20 despite a recovery move in the opening session. Meanwhile, S&P500 futures have recovered their entire losses displayed in early Asia, portraying a firmer rebound in the risk-appetite theme.

On a four-hour scale, the Aussie asset is marching towards the horizontal resistance, which is a three-month high, placed from December 13 high at 0.6893. The Australian Dollar has picked strength after a mild correction to near the 20-period Exponential Moving Average (EMA) at 0.6792. Also, the 50-period EMA at 0.6765 is advancing, which indicates that the upside bias is still solid.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 40.00-60.00, which indicates that the bullish momentum has been triggered.

Going forward, a break above December 5 high around 0.6850 will drive the Aussie asset towards a three-month high around 0.6900. A breach of the latter will confirm more upside towards August 30 high at 0.6956.

On the contrary, a downside move below December 29 low at 0.6710 will drag the major further towards December 22 low at 0.6650 followed by November 21 low at 0.6585.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6831 at the time of writing. Pair opened at 0.6805 and is trading with a change of 0.38 % .

The pair is trading above its 20 Daily moving average @ 0.6744, above its 50 Daily moving average @ 0.6655 , above its 100 Daily moving average @ 0.664 and below its 200 Daily moving average @ 0.686

The previous day high was 0.6825 while the previous day low was 0.6793. The daily 38.2% Fib levels comes at 0.6805, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6813, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.679, 0.6776, 0.6759
• Pivot resistance is noted at 0.6822, 0.6839, 0.6853

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