#AUDUSD @ 0.63396 faces some range-bound trade below the mid-0.6300s on Wednesday.
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- AUD/USD faces some range-bound trade below the mid-0.6300s on Wednesday.
The pair currently trades last at 0.63396.
The previous day high was 0.6384 while the previous day low was 0.6332. The daily 38.2% Fib levels comes at 0.6364, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6352, expected to provide resistance.
The AUD/USD pair sticks to a range-bound trade during the early Asian session on Wednesday. Appetite for risk assets elsewhere was subdued ahead of the Federal Open Market Committee (FOMC) announcement, with no change in rates expected. The pair currently trades around 0.6334, losing 0.04% for the day.
The FOMC meeting on Wednesday will be a closely watched event. The markets anticipate that the central bank will leave interest rates unchanged at its November meeting. The FOMC has made it obvious that it will not raise interest rates at this meeting, thus, investors will keep an eye on the FOMC’s message after the meeting about how high the bar is to convince the FOMC to hike rates again.
The elevated geopolitical risks in the Middle East and the downbeat Chinese data weighed on the risk sentiment and lift the safe-haven US Dollar (USD) higher. The weaker-than-expected Chinese Manufacturing PMI data raised concerns about the economic recovery in the world’s second-largest economy.
Apart from this, the latest data on Wednesday revealed that the Australian AiG Industry Index for September came in at -9.9 versus -3.5 prior, while the AiG Manufacturing PMI arrived at -20.9 from -12.8 in the previous reading.
Looking ahead, market players will monitor the US ADP employment report, JOLTS, and the ISM Manufacturing PMI on Wednesday. The highlight events will be the FOMC decision and Powell’s press conference. Traders will take cues from the events and find trading opportunities around the AUD/USD pair.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6338 at the time of writing. Pair opened at 0.6374 and is trading with a change of -0.56 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6338 |
| 1 | Today Daily Change | -0.0036 |
| 2 | Today Daily Change % | -0.5600 |
| 3 | Today daily open | 0.6374 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6348, 50 SMA 0.6395, 100 SMA @ 0.6532 and 200 SMA @ 0.6635.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6348 |
| 1 | Daily SMA50 | 0.6395 |
| 2 | Daily SMA100 | 0.6532 |
| 3 | Daily SMA200 | 0.6635 |
The previous day high was 0.6384 while the previous day low was 0.6332. The daily 38.2% Fib levels comes at 0.6364, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6352, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6343, 0.6312, 0.6292
- Pivot resistance is noted at 0.6395, 0.6415, 0.6446
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6384 |
| Previous Daily Low | 0.6332 |
| Previous Weekly High | 0.6400 |
| Previous Weekly Low | 0.6270 |
| Previous Monthly High | 0.6522 |
| Previous Monthly Low | 0.6332 |
| Daily Fibonacci 38.2% | 0.6364 |
| Daily Fibonacci 61.8% | 0.6352 |
| Daily Pivot Point S1 | 0.6343 |
| Daily Pivot Point S2 | 0.6312 |
| Daily Pivot Point S3 | 0.6292 |
| Daily Pivot Point R1 | 0.6395 |
| Daily Pivot Point R2 | 0.6415 |
| Daily Pivot Point R3 | 0.6446 |
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