During the early Asian session, there is a slight increase in the value of the AUDUSD currency pair, which stands at 0.68245.

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• AUD/USD gains modest traction in the early Asian session.

The pair currently trades last at 0.68245.

The previous day high was 0.6895 while the previous day low was 0.6831. The daily 38.2% Fib levels comes at 0.6855, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.687, expected to provide resistance.

The AUD/USD pair holds modest gains during the Asian session on Monday. The pair retreated from near the 0.6900 area and currently trades around 0.6825, down 0.02% on the day. The Reserve Bank of Australia’s (RBA) latest meeting will be released on Tuesday, along with the employment data on Thursday.

At its July policy meeting, the Australian central bank decided to keep the Official Cash Rate (OCR) unchanged at 4.10% following June data from the nation’s Bureau of Statistics revealed that the country’s economy grew at the slowest rate in 1-1/2 years in the latest quarter, with indication of further contraction ahead.

Australian Treasurer, Jim Chalmers, said on Sunday that nation’s jobless rate would rise from near a 48-year low despite the slowing global growth and higher interest rates.

It’s worth noting that Michele Bullock will be the first woman to lead the Reserve Bank of Australia (RBA), replacing Philip Lowe. A new RBA Deputy Governor will also be announced in the next few months.

On the US Dollar front, the preliminary reading of the University of Michigan’s (UoM) Consumer Confidence Index rose to 72.6 from 64.4 in June, beating the market’s expectation of 65.5. Additionally, US consumer prices climbed by 3.0% year on year, down from 4.0% previously, and the Producer Price Index (PPI) increased by 0.1%, down from 0.9% prior. Markets anticipate the Federal Reserve (Fed) to be less hawkish in tightening monetary policy following an expected interest rate hike in the July 26 meeting.

On the other hand, the concerns of an economic slowdown in China remain in focus. The latest data from the National Bureau of Statistics (NBS) revealed that the Chinese Gross Domestic Product (GDP) came in at 6.3% annually, worse-than-expected at 7.3% and 4.5% prior. At the same time, Industrial Production YoY rose by 4.4% from 3.5% prior, above the consensus of 2.7%.

Moving on, the key event to watch will be the Australian monetary policy meeting minutes and Employment data later this week. Also, the US Retail Sales and the Chinese economic data might significantly impact the AUD/USD direction in the near-term.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6824 at the time of writing. Pair opened at 0.6839 and is trading with a change of -0.22 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6716, 50 SMA 0.6686, 100 SMA @ 0.6685 and 200 SMA @ 0.6705.

The previous day high was 0.6895 while the previous day low was 0.6831. The daily 38.2% Fib levels comes at 0.6855, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.687, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6815, 0.679, 0.675
• Pivot resistance is noted at 0.6879, 0.6919, 0.6943

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