The AUDUSD pair is staying steady at approximately 0.6475 before the release of Australian data.

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• AUD/USD remains flat around 0.6475 ahead of the the Australian data.

The pair currently trades last at 0.64762.

The previous day high was 0.6487 while the previous day low was 0.6401. The daily 38.2% Fib levels comes at 0.6454, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6434, expected to provide support.

The AUD/USD pair hovers around 0.6474 after retracing from a weekly high of 0.6522 during the early Asian session on Thursday. In response to the downbeat US data, the US Dollar Index (DXY) remains under pressure and declines for the third day in a row near 103.15 while the 10-year yield falls to 4.11%.

The Greenback faced some selling pressure following the softer-than-expected US data. That said, the US ADP Employment Change declined to 177K in August from 371K in July and below the market consensus of 195K.

Additionally, the first reading of Personal Consumption Expenditures (PCE) Prices for the second quarter decreased to 2.5% from 2.6% prior. Finally, the second reading of Gross Domestic Product (GDP) Annualized Q2 decreased to 2.1% from the first estimation of 2.4%.

On the Aussie front, the Australian Bureau of Statistics reported on Wednesday that the nation’s monthly Consumer Price Index (CPI) fell to 4.9% year on year in July from 5.4% prior and falling short of estimates of 5.2%. Meanwhile, Building Permits (MoM) declined 8.1% in July, compared to an expectation of a 0.8% drop and a 7.7% drop the previous month. The easing of inflationary pressure might convince the Reserve Bank of Australia (RBA) to hold the interest rate unchanged at its forthcoming policy meeting.

On Sunday, Australian Treasurer Jim Chalmers stated that the government monitored China for signals of economic weakness that could hurt the Australian economy, according to Reuters. It’s worth noting that China is Australia’s major trading partner and the economic slowdown In China might exert pressure on the Aussie.

Looking ahead, the Australian Private Sector Credit will be released. Additionally, the Core Personal Consumption Expenditure Price Index (PCE), the weekly Jobless Claims, and the Chicago PMI will also be due on Thursday. The closely watched event this week will be the Nonfarm Payrolls (NFP) data on Friday. Traders will find trading opportunities around the AUD/USD pair.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6475 at the time of writing. Pair opened at 0.648 and is trading with a change of -0.08 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6477, 50 SMA 0.6622, 100 SMA @ 0.6651 and 200 SMA @ 0.6726.

The previous day high was 0.6487 while the previous day low was 0.6401. The daily 38.2% Fib levels comes at 0.6454, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6434, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6425, 0.6371, 0.634
• Pivot resistance is noted at 0.6511, 0.6542, 0.6597

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