The AUDUSD pair, currently trading at 0.65696, is anticipated to continue falling below 0.6565 following the positive US ADP employment report.

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• AUD/USD is expected to extend its downside below 0.6565 amid the upbeat US ADP employment report.

The pair currently trades last at 0.65696.

The previous day high was 0.6724 while the previous day low was 0.6602. The daily 38.2% Fib levels comes at 0.6649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6677, expected to provide resistance.

The AUD/USD pair prepares to extend losses below the immediate support of 0.6565 as the United States Automatic Data Processing (ADP) reports that employment additions were higher than expectations. The US labor market witnessed an addition of fresh 324K private payrolls, significantly higher than the estimates of 189K but lower than the former release of 497K.

The US Dollar Index (DXY) delivers a breakout of the consolidation formed around 102.10 as upbeat labor market conditions have propelled hopes of one more interest rate hike from the Federal Reserve (Fed).

ADP Employment data set a positive undertone for the US Nonfarm Payrolls (NFP) data for July, which will be published on Friday at 12:30 GMT. According to the estimates, the economic data is seen at 200K, slightly lower than the former reading of 209K. The Unemployment Rate is expected to remain steady at 3.6%. Apart from the employment additions, investors will keenly focus on the Average Hourly Earnings.

Expectations state that labor earnings gained at a pace of 0.3% in July, lower than the former pace of 0.4%. The annual data is expected to decelerate to 4.2% against the former release of 4.4%.

On the Australian Dollar front, the Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.1%. RBA Governor Philip Lowe kept doors open for more interest rates as inflation will take time to return to 2% amid a tight labor market. Over the inflation outlook, the central bank forecasted that inflation will return to 2-3% by late 2025.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6578 at the time of writing. Pair opened at 0.6613 and is trading with a change of -0.53 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6737, 50 SMA 0.67, 100 SMA @ 0.6692 and 200 SMA @ 0.6732.

The previous day high was 0.6724 while the previous day low was 0.6602. The daily 38.2% Fib levels comes at 0.6649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6677, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6569, 0.6525, 0.6448
• Pivot resistance is noted at 0.669, 0.6768, 0.6812

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