#AUDUSD @ 0.66652 has sensed stiff resistance around 0.6680 despite the RBA being open for further interest rate hikes. (Pivot Orderbook analysis)
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- AUD/USD has sensed stiff resistance around 0.6680 despite the RBA being open for further interest rate hikes.
- Australian Q1GDP missed estimates as higher interest rates are impacting the overall growth.
- US Goods and Trade Balance are expected to show a wider deficit of $75.2B vs. the prior deficit of $64.2B.
The pair currently trades last at 0.66652.
The previous day high was 0.6685 while the previous day low was 0.661. The daily 38.2% Fib levels comes at 0.6656, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6639, expected to provide support.
The AUD/USD pair is consistently failing to climb above the immediate resistance of 0.6680 in the European session. The Aussie asset is not getting the required strength despite a hawkish commentary came from the Reserve Bank of Australia.
On Tuesday, RBA Governor Philip Lower raised its Official Cash Rate (OCR) surprisingly by 25 basis points (bps) to 4.10%. RBA’s Lowe cited that despite Australian inflation having peaked now but is extremely far from the desired rate. Therefore, RBA’s Lowe announced that more interest rate hikes are appropriate to keep pressure on inflation.
Investors should note that the monthly Australian Consumer Price Index (CPI) rebounded to 6.8% in April from the 6.4% figure recorded for March.
In the Asian session, the Australian Bureau of Statistics reported weaker-than-anticipated Q1 Gross Domestic Product (GDP) data. Quarterly GDP was expanded by 0.2% while the street was anticipating an expansion of 0.3%, which was revised lower from the prior print of 0.6%. On an annual basis, Q1 GDP dropped to 2.3% vs. the estimates of 2.4% and the former release of 2.6%.
Post the release of Australia’s Q1 GDP data, Australian Treasurer Jim Chalmers said that “rising interest rates are clearly impacting the economic growth,” He further added, “Growth momentum is waning,”
Meanwhile, S&P500 futures have surrendered gains generated in Asia, portraying a decline in the risk appetite of the market participants. The USD Index has extended its recovery to near 104.26 despite the street being mixed about Federal Reserve’s (Fed) policy stance for June monetary policy.
Going forward, United States Goods and Services Trade Balance (April) will remain in focus. The economic data is expected to show a wider deficit of $75.2B vs. the prior deficit of $64.2B.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6667 at the time of writing. Pair opened at 0.6672 and is trading with a change of -0.07 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6667 |
| 1 | Today Daily Change | -0.0005 |
| 2 | Today Daily Change % | -0.0700 |
| 3 | Today daily open | 0.6672 |
The pair is trading above its 20 Daily moving average @ 0.6613, above its 50 Daily moving average @ 0.6662 , below its 100 Daily moving average @ 0.6748 and below its 200 Daily moving average @ 0.6692
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6613 |
| 1 | Daily SMA50 | 0.6662 |
| 2 | Daily SMA100 | 0.6748 |
| 3 | Daily SMA200 | 0.6692 |
The previous day high was 0.6685 while the previous day low was 0.661. The daily 38.2% Fib levels comes at 0.6656, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6639, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6626, 0.658, 0.655
- Pivot resistance is noted at 0.6702, 0.6731, 0.6777
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6685 |
| Previous Daily Low | 0.6610 |
| Previous Weekly High | 0.6639 |
| Previous Weekly Low | 0.6458 |
| Previous Monthly High | 0.6818 |
| Previous Monthly Low | 0.6458 |
| Daily Fibonacci 38.2% | 0.6656 |
| Daily Fibonacci 61.8% | 0.6639 |
| Daily Pivot Point S1 | 0.6626 |
| Daily Pivot Point S2 | 0.6580 |
| Daily Pivot Point S3 | 0.6550 |
| Daily Pivot Point R1 | 0.6702 |
| Daily Pivot Point R2 | 0.6731 |
| Daily Pivot Point R3 | 0.6777 |
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