The AUDUSD pair is moving in a repetitive manner, fluctuating below the 0.6500 level while awaiting the release of US labor market data.

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• AUD/USD trades back and forth below 0.6500 ahead of the US labor market data.

The pair currently trades last at 0.64807.

The previous day high was 0.6508 while the previous day low was 0.6461. The daily 38.2% Fib levels comes at 0.649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6479, expected to provide support.

The AUD/USD strives for a decisive move as investors as investors sidelined ahead of the United States Nonfarm Payrolls (NFP) data, which will be published at 12:30 GMT. The Aussie asset continued to oscillate below the psychological resistance of 0.6500, however, a power-pack action after the US labor market data cannot be ruled out.

S&P500 futures post some decent gains in Europe, portraying an upbeat market mood ahead of the US NFP report. US ADP Employment report released on Wednesday indicated that labor demand remained soft in August due to a hiring slowdown in the leisure and hospitality sector. Also, wage growth was slow as firms heavily worked on retaining the current laborforce.

The US Dollar Index (DXY) clings to gains of around 103.60 as investors need a clear picture of the current status of the labor market. The US NFP is expected to set an undertone for the Federal Reserve’s (Fed) September monetary policy. As per the CME Fedwatch tool, the Fed is expected to keep interest rates unchanged at 5.25-5.50% but Fed Powell could reiterate a hawkish commentary on the interest rate outlook.

Meanwhile, the Australian Dollar fails to capitalize on the surprisingly upbeat Caixin Manufacturing PMI for August. The economic data landed above the 50 threshold that separates contraction at 51.0 vs. the estimates of 49.3 and the former release of 49.2. The Australian Dollar didn’t strengthen despite being a proxy for Chinese economic prospects.

Going forward, the focus will be on the interest rate decision by the Reserve Bank of Australia (RBA), which will be announced on Tuesday. According to a Reuters poll, RBA Governor Philip Lowe will keep interest rates unchanged at 4.10% but will keep doors open for more hikes.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.648 at the time of writing. Pair opened at 0.6484 and is trading with a change of -0.06 % .

The pair is trading above its 20 Daily moving average @ 0.6471, below its 50 Daily moving average @ 0.6611 , below its 100 Daily moving average @ 0.6646 and below its 200 Daily moving average @ 0.6723

The previous day high was 0.6508 while the previous day low was 0.6461. The daily 38.2% Fib levels comes at 0.649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6479, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6461, 0.6438, 0.6414
• Pivot resistance is noted at 0.6508, 0.6531, 0.6555

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