AUD/USD Price Analysis: Falls back from 0.6380 ahead of US Employment data

AUD/USD fails to extend upside above 0.6380 as the focus shifts to US labor market data.
The US labor demand is seen softening considering the ADP Employment Change data.
AUD/USD faces selling pressure after testing the breakdown of the consolidation formed in a range of 0.6366-0.6522.

Sagar Dua FXStreet

The AUD/USD pair faces selling pressure near 0.6380 while attempting to extend recovery in the early New York session. The Aussie asset struggles to extend recovery as the US Dollar finds a cushion to near 106.50 after correcting from an 11-month high at 107.35.

The US Dollar is expected to remain volatile ahead of the US Nonfarm Payrolls (NFP) data, which will be published on Friday. The labor demand is seen softening considering the ADP Employment Change data, released on Wednesday, which showed private payrolls halving to 89K in September from the former release of 180K.

Meanwhile, the US Department of Labor reported the weekly Jobless Claims data for the week ending September 29 almost unchanged at 207K.

On the Australian Dollar front, monthly Trade Balance data increased significantly to 9,640M, higher than expectations of 8,725M and the former release of 7,324M.

AUD/USD faces selling pressure after testing the breakdown of the consolidation formed in a range of 0.6366-0.6522 on a daily scale. The 50-day Exponential Moving Average (EMA) at 0.6464 continues to act as a barricade for the Australian Dollar bulls.

A bearish impulse would trigger if the Relative Strength Index (RSI) (14) shifts into the bearish range of 20.00-40.00.

A fresh downside would appear if the Aussie asset drops below October 03 low around 0.6286. This would expose the asset to 21 October 2022 low at 0.6212, followed by 13 October 2022 low at 0.6170.

In an alternate scenario, a decisive break above August 15 high around 0.6522 will drive the asset to August 9 high at 0.6571. Breach of the latter will drive the asset towards August 10 high at 0.6616.

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.635
Today Daily Change	0.0025
Today Daily Change %	0.40
Today daily open	0.6325

Trends
Daily SMA20	0.6406
Daily SMA50	0.646
Daily SMA100	0.6578
Daily SMA200	0.6683

Levels
Previous Daily High	0.6342
Previous Daily Low	0.6287
Previous Weekly High	0.6501
Previous Weekly Low	0.6332
Previous Monthly High	0.6522
Previous Monthly Low	0.6332
Daily Fibonacci 38.2%	0.6321
Daily Fibonacci 61.8%	0.6308
Daily Pivot Point S1	0.6294
Daily Pivot Point S2	0.6262
Daily Pivot Point S3	0.6238
Daily Pivot Point R1	0.6349
Daily Pivot Point R2	0.6374
Daily Pivot Point R3	0.6405

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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