#AUDUSD @ 0.63664 oscillates around 0.6370 amid the weaker USD and risk-on mood.

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• AUD/USD oscillates around 0.6370 amid the weaker USD and risk-on mood.

The pair currently trades last at 0.63664.

The previous day high was 0.6368 while the previous day low was 0.632. The daily 38.2% Fib levels comes at 0.635, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6338, expected to provide support.

The AUD/USD pair consolidates its recent gains during the early Asian session on Tuesday. The pair hovers around 0.6370 after retracing from the previous day’s high of 0.6384. The upbeat Australian data and risk-on sentiment lend some support to the Australian Dollar (AUD) ahead of the highly-anticipated Federal Reserve (Fed) meeting on late Wednesday.

That being said, the better-than-expected Australia Retail Sales on Monday raise the odds for another rate hike from the Reserve Bank of Australia (RBA) in its upcoming meeting next week. The figures came in at 0.9% MoM versus 0.3% prior.

Furthermore, the pullback of the US Dollar (USD) acts as a tailwind for the pair. The US Dollar Index (DXY) loses traction to 106.13 while the US Treasury yields take a breather, with the 10-year yield standing at 4.88%

Apart from this, market players will keep an eye on China’s PMI data due later in the Asian session on Tuesday. The nation’s Manufacturing PMI is expected to remain in expansionary territory by growing to 50.2. The Non-Manufacturing PMI is estimated to rise to 51.8. The stronger might alleviate concern about the sluggish economic condition in the world’s second economy and benefit the China-proxy Aussie.

On the USD’s front, the Fed affirmed that they would leave interest rates unchanged on Wednesday, but whether they will hold for December will depend on the incoming data. According to the CME Fedwatch tools, Markets currently priced in a 23% chance of the Fed hiking 25 basis points (bps) in the December meeting. On Monday, the US Dallas Fed Manufacturing Index dropped to -19.2 in October from 18.1 fall in the previous reading.

Looking ahead, Australia’s Private Sector Credit for September is due on Tuesday, followed by China’s PMI date. In the American session, US housing data and Consumer Confidence will be released. The attention will shift to the Fed policy meeting on Wednesday. Traders will take cues from the data and find trading opportunities around the AUD/USD pair.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6372 at the time of writing. Pair opened at 0.6335 and is trading with a change of 0.58 % .

The pair is trading above its 20 Daily moving average @ 0.6348, below its 50 Daily moving average @ 0.6395 , below its 100 Daily moving average @ 0.6535 and below its 200 Daily moving average @ 0.6638

The previous day high was 0.6368 while the previous day low was 0.632. The daily 38.2% Fib levels comes at 0.635, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6338, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6314, 0.6293, 0.6266
• Pivot resistance is noted at 0.6362, 0.6389, 0.641

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