The AUDUSD pair is making an effort to reach the 0.6450 level as the US dollar weakens.

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• AUD/USD attempts to approach 0.6450 on the back of the Greenback’s retreat.

The pair currently trades last at 0.64399.

The previous day high was 0.6461 while the previous day low was 0.6385. The daily 38.2% Fib levels comes at 0.6414, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6432, expected to provide support.

AUD/USD snaps a two-day losing streak, trading higher near 0.6440 during the European session on Friday. The pair is receiving upward support as the US Dollar (USD) retraces a portion of its intraday gains.

The pullback in US Treasury yields might have limited the upside potential of the Greenback. The yield on the 10-year US bond stands at 4.46%. The US Dollar Index (DXY), which measures the performance of the Greenback against six other major currencies, is trading at around 105.60 at the time of this report.

Market participants are likely awaiting economic data releases, including the preliminary United States (US) S&P Global PMIs for September. These datasets may provide valuable insights into the economic conditions and assist traders in identifying potential trading opportunities around the AUD/USD pair.

During the Wednesday meeting, the Federal Reserve (Fed) opted to maintain interest rates within the 5.25-5.50% range. Fed Chairman Jerome Powell, in a subsequent press conference, reiterated the Fed’s commitment to achieving a 2% inflation target. Powell also mentioned that the Fed is prepared to raise rates if deemed necessary. The Fed’s hawkish stance could exert pressure on the Aussie pair.

On the other side, a survey has indicated that Australia’s private sector returned to growth in September after two consecutive months of contraction, providing some support to the AUD/USD pair. The Judo Bank Flash Australia Composite PMI saw an improvement, rising from 48.0 in August to 50.2 in the reported month.

Additionally, the Australian Services PMI reached a four-month high, registering 50.5 for September, up from 47.8 in August. However, the Manufacturing PMI remained in contraction territory, declining to 48.2 from 49.6 in the previous month. This contraction in the manufacturing sector has tempered bullish sentiment around the Australian Dollar (AUD), preventing aggressive bullish bets on the currency.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6438 at the time of writing. Pair opened at 0.6416 and is trading with a change of 0.34 % .

The pair is trading above its 20 Daily moving average @ 0.643, below its 50 Daily moving average @ 0.6531 , below its 100 Daily moving average @ 0.6608 and below its 200 Daily moving average @ 0.6698

The previous day high was 0.6461 while the previous day low was 0.6385. The daily 38.2% Fib levels comes at 0.6414, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6432, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.638, 0.6345, 0.6305
• Pivot resistance is noted at 0.6456, 0.6497, 0.6532

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