The AUDUSD is currently testing new lows for the year at a rate of 0.63527, with hopes of recovering from the level of 0.6350.

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• The AUD/USD tests into new lows for the year, looking for a rebound from 0.6350.

The pair currently trades last at 0.63527.

The previous day high was 0.6431 while the previous day low was 0.6388. The daily 38.2% Fib levels comes at 0.6404, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6414, expected to provide resistance.

The AUD/USD slipped to a ten-month low of 0.6331 in late Wednesday trading and is currently down around 45 pips, or -0.7%, for the day near 0.6350.

Australian Consumer Price Index (CPI) figures rose to 5.2% in August, in-line with market expectations and providing a minor boost for the Aussie (AUD) in the early Friday session, but bullish momentum for the AUD/USD proved short-lived as US data beats sent the Greenback (USD) higher once more.

US Durable Goods Orders climbed to 0.2%, handily beating the forecast -0.5% and rebounding from the previous printing of -5.6%.

Coming up on Thursday is Australian Retail Sales early in the session at 01:30 GMT, and the headline monthly figure is anticipated to print at 0.3% for August, a minor tick lower than the previous period’s 0.5%.

US Gross Domestic Product (GDP) figures will land later on at 12:30 GMT, which is broadly forecast to hold steady at 2.1% for the second quarter.

The Greenback is seeing further support from climbing US Treasuries this week as broad-market jitters over an impending US government shutdown is sending borrowing costs higher.

Adding to bullish USD market momentum are hawkish comments from Federal Reserve (Fed) board members, with the President of the Minneapolis Federal Reserve Neel Kashkari hitting wires with comments leaving room for more rate hikes in the future, as well as the possibility of rates remaining at their current levels should rate cuts get pushed even further out.

As the Aussie slips to new yearly lows against the Greenback, the AUD/USD is dropping away from major moving averages, with the 200-day Simple Moving Average far overhead at 0.6700 while the 34-day Exponential Moving Average (EMA) provides technical resistance from overhead, just north of 0.6450.

Hourly candlesticks see the AUD/USD’s intraday price action accelerating to the downside from a bearish trendline from last week’s last swing high into 0.6460. The 200-hour SMA has also begun to turn bearish, dropping towards 0.6420 as short side candles accumulate on the averages.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6349 at the time of writing. Pair opened at 0.6397 and is trading with a change of -0.75 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6428, 50 SMA 0.6507, 100 SMA @ 0.6598 and 200 SMA @ 0.6694.

The previous day high was 0.6431 while the previous day low was 0.6388. The daily 38.2% Fib levels comes at 0.6404, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6414, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.638, 0.6362, 0.6336
• Pivot resistance is noted at 0.6423, 0.6448, 0.6466

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