The AUDUSD currency pair is currently stable at a rate of 0.63795 following positive Gross Domestic Product (GDP) results from Australia.
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- AUD/USD consolidates after Australia’s upbeat GDP data.
The pair currently trades last at 0.63795.
The previous day high was 0.6465 while the previous day low was 0.6358. The daily 38.2% Fib levels comes at 0.6399, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6424, expected to provide resistance.
AUD/USD extends its losses, trading lower around 0.6380 during the Asian session on Wednesday. The pair experiences downward pressure due to the firmer US Dollar (USD) as investors appear to be increasingly accepting the reduced likelihood of an interest rate hike by the US Federal Reserve (Fed) during the upcoming September policy meeting.
However, Australia’s upbeat Gross Domestic Product (GDP) data is providing minor support to the AUD/USD pair. As said, GDP (MoM) showed a growth of 0.4% in the second quarter, exceeding the expectations of 0.3%. The index grew by 0.2% in the first quarter. GDP (YoY) for the said quarter reduced to a growth of 2.1% from the previous reading of 2.3%. This was expected to grow at a rate of 1.7%.
The Moving Average Convergence Divergence (MACD) line lies below the centerline but remains above the signal line. This suggests that the recent momentum is relatively subdued.
The pair could meet the immediate support around the weekly low at 0.6357 lined up with the 0.6350 psychological level.
On the upside, the pair could face a challenge around the 0.6400 psychological level. A firm break above the latter could open the doors for the AUD/USD pair to explore the region around the 21-day Exponential Moving Average (EMA) at 0.6467 aligned to 23.6% Fibonacci retracement at 0.6484.
The 14-day Relative Strength Index (RSI) stays below 50, which suggests the AUD/USD pair remains to be bearish in the short term.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.638 at the time of writing. Pair opened at 0.6379 and is trading with a change of 0.02 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6380 |
| 1 | Today Daily Change | 0.0001 |
| 2 | Today Daily Change % | 0.0200 |
| 3 | Today daily open | 0.6379 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6451, 50 SMA 0.6596, 100 SMA @ 0.6637 and 200 SMA @ 0.6719.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6451 |
| 1 | Daily SMA50 | 0.6596 |
| 2 | Daily SMA100 | 0.6637 |
| 3 | Daily SMA200 | 0.6719 |
The previous day high was 0.6465 while the previous day low was 0.6358. The daily 38.2% Fib levels comes at 0.6399, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6424, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6336, 0.6293, 0.6229
- Pivot resistance is noted at 0.6443, 0.6507, 0.655
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6465 |
| Previous Daily Low | 0.6358 |
| Previous Weekly High | 0.6522 |
| Previous Weekly Low | 0.6401 |
| Previous Monthly High | 0.6724 |
| Previous Monthly Low | 0.6364 |
| Daily Fibonacci 38.2% | 0.6399 |
| Daily Fibonacci 61.8% | 0.6424 |
| Daily Pivot Point S1 | 0.6336 |
| Daily Pivot Point S2 | 0.6293 |
| Daily Pivot Point S3 | 0.6229 |
| Daily Pivot Point R1 | 0.6443 |
| Daily Pivot Point R2 | 0.6507 |
| Daily Pivot Point R3 | 0.6550 |
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