#AUDUSD @ 0.63097 The is backsliding on Wednesday, tumbling over 90 pips from the day’s early peak.

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• The AUD/USD is backsliding on Wednesday, tumbling over 90 pips from the day’s early peak.

The pair currently trades last at 0.63097.

The previous day high was 0.6379 while the previous day low was 0.6333. The daily 38.2% Fib levels comes at 0.6361, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.635, expected to provide resistance.

The AUD/USD hit an early high of 0.6399 on Wednesday, falling just shy of the 0.6400 handle before the Aussie (USD) went into a full reversal, sending the pair tumbling 1.4% from the day’s high bids to trade back into the 0.6300 region.

Q3 CPI too high to risk holding, failing to act could harm the RBA’s credibility – TDS

Australian inflation came in higher than expected early Wednesday, with the Reserve Bank of Australia (RBA) Trimmed Mean Consumer Price Index (CPI) printing at 1.2% for the 3rd quarter, compared to the previous quarter’s 1% printing and overshooting market forecasts of 1.1%.

Markets are now concerned that long-term inflation is beginning to set in for the Australian economy, and the RBA’s current wait-and-see pattern on interest rate hikes may not be enough to curtail price growth despite a lagging economy with cracks beginning to surface.

The RBA may be pushed to make further rate hikes in order to clamp down on inflation that is once again picking up speed, even at the risk of pushing the Aussie economy a step closer to a “hard landing” recession.

The AUD will close out Wednesday’s trading action with a showing from the RBA’s Governor Michelle Bullock, who will be testifying before the Australian government’s Senate Economics Legislation Committee at 22:00 GMT.

US GDP for the 3rd quarter is expected to rebound firmly on an annualized basis, from 2.1% to 4.2%.

Meanwhile, US Initial Jobless Claims are expected to show a slight uptick in the number of new unemployment benefits seekers, with the figure forecast to print at 208K for the week ending October 20th, compared to the previous week’s 198K.

The Aussie is paring back the week’s early gains and trading back into recent lows, testing October’s familiar floor of 0.6300 as the AUD/USD continues to face firm rejections from the 50-day Simple Moving Average (SMA).

The Aussie continues to trade at its lowest bids of the year, and a downside break will see the pair quickly challenging new eleven-month lows if it manages to cross the 0.6272 level, a price the AUD/USD hasn’t seen since November of last year.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6309 at the time of writing. Pair opened at 0.6355 and is trading with a change of -0.72 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.636, 50 SMA 0.6401, 100 SMA @ 0.6547 and 200 SMA @ 0.6648.

The previous day high was 0.6379 while the previous day low was 0.6333. The daily 38.2% Fib levels comes at 0.6361, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.635, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6332, 0.6309, 0.6286
• Pivot resistance is noted at 0.6378, 0.6402, 0.6425

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