The AUD/USD pair, which stands at 0.65017, is experiencing increased buying interest, pushing it to reach its highest level of the day after a previous decline to its year-to-date low. In the opinion of @nehcap, only a modest rebound is anticipated and not a significant recovery.

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• AUD/USD picks up bids to refresh intraday high, reverses from YTD low.

The pair currently trades last at 0.65017.

The previous day high was 0.6507 while the previous day low was 0.6454. The daily 38.2% Fib levels comes at 0.6474, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6487, expected to provide support.

AUD/USD recaptures the 0.6500 round figure while extending the early Asian session rebound from the lowest level since November 2022 amid the Tuesday morning in Europe.

The Aussie pair dropped to the lowest levels in 2023 the previous day after broad risk aversion drowned the risk barometer.

However, the recently mixed headlines from the Reserve Bank of Australia’s (RBA) Minutes of its August monetary policy meeting and the top-tier data from Australia, as well as China, allowed the traders to print a corrective bounce from the 0.6460-55 support zone comprising lows marked in late May and the previous day.

Also read: AUD/USD remains below 0.6500 mark after softer Chinese macro data, seems vulnerable

Technically, the failure to provide a daily closing beneath 0.6458 joined the nearly oversold RSI conditions to trigger the AUD/USD pair’s latest rebound.

That said, the 10-DMA level of 0.6530 precedes the 61.8% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6550, to restrict a short-term recovery of the Aussie pair.

Following that, a one-month-old descending resistance line and lows marked in June, as well as early July, respectively near 0.6570 and 0.6600, will be crucial to watch for the AUD/USD buyers to retake control.

On the flip side, a daily closing beneath the 0.6460-55 support area could quickly drag the quote to a September 2022 low of near 0.6365 ahead of highlighting the late 2022 bottom of around 0.6170 for the AUD/USD bears.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6501 at the time of writing. Pair opened at 0.6487 and is trading with a change of 0.22% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6644, 50 SMA 0.6697, 100 SMA @ 0.668 and 200 SMA @ 0.6737.

The previous day high was 0.6507 while the previous day low was 0.6454. The daily 38.2% Fib levels comes at 0.6474, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6487, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6458, 0.643, 0.6405
• Pivot resistance is noted at 0.6511, 0.6536, 0.6565

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