The AUDUSD is experiencing an upward movement as it approaches the release of economic data from the US.

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• AUD/USD trades higher ahead of the releases of US macroeconomic data.

The pair currently trades last at 0.64365.

The previous day high was 0.644 while the previous day low was 0.6402. The daily 38.2% Fib levels comes at 0.6425, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6416, expected to provide support.

AUD/USD trades higher around 0.6440, extending gains for the second consecutive day during the European session on Tuesday. The pair strengthened due to the pullback in the US Dollar (USD) as investors seem to take a cautious stand, seeking further cues on monetary policy tightening by the United States (US) Federal Reserve (Fed) in the September meeting.

Market participants seek fresh impetus on the inflation outlook and economic conditions, awaiting data releases from the US, including Jolts Job Openings, Housing Price Index and Consumer Confidence are due to be released later in the North American session. Likewise, Australia’s Consumer Price Index (CPI) will be eyed on Wednesday. The key indicator to measure inflation is expected to show a reduction in July.

The US Dollar Index (DXY) hovers around 104.00 at the time of writing, struggling to hold ground above that level. The downbeat US Treasury yields are contributing to the erosion of the US Dollar’s (USD) strength, which measures the performance of the Greenback against the six other major currencies.

Moreover, the upbeat Australia’s Retail Sales s.a. released on Monday contributed support to the strengthening of the AUD/USD pair. As said, the data showed a month-on-month growth of 0.5% in July, higher than the market consensus of 0.3%, swinging from the previous decline of 0.8%. Moreover, China’s fiscal stimulus also provided support to the Aussie pair as Canada is a close trading partner of China.

Furthermore, investors are also closely monitoring the visit of US Commerce Secretary Gina Raimondo to China, which is intended to strengthen trade relations between the United States and China. Positive sentiments regarding the Chinese economy hold the potential to instill confidence among AUD/USD buyers.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6437 at the time of writing. Pair opened at 0.6429 and is trading with a change of 0.12 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6484, 50 SMA 0.6628, 100 SMA @ 0.6652 and 200 SMA @ 0.6726.

The previous day high was 0.644 while the previous day low was 0.6402. The daily 38.2% Fib levels comes at 0.6425, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6416, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6407, 0.6386, 0.6369
• Pivot resistance is noted at 0.6445, 0.6462, 0.6483

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