AUD/USD Price Analysis: Remains confined around 0.6420, eyes on US CPI data

AUD/USD oscillates in a narrow range around 0.6418, losing 0.12% on the day.
The pair trades above the 50- and 100-hour EMAs on the one-hour chart.
The immediate resistance level is seen at 0.6432; the key support level is located at the 0.6400-0.6410 region.

Lallalit Srijandorn FXStreet

The AUD/USD pair remains confined around the 0.6410-0.6427 region in a narrow trading band during the Asian trading hours on Wednesday. The release of the US Consumer Price Index (CPI) on Wednesday and Australian employment data on Thursday could trigger volatility in the market.

Meanwhile, the Aussie (AUD) is capped by the downbeat Australian data. Data released on Tuesday reported that Australia’s Westpac Consumer Confidence for September fell by 1.5% to 79.7, following a 0.4% drop In the previous reading. The figure has remained below 100, the longest period since the early 1990s recession, and fueled concern about the impact of the economic slowdown in China.

From the technical perspective, the AUD/USD pair trades above the 100-hour Exponential Moving Average (EMA) on the one-hour chart, indicating that the path of least resistance for the pair is to the upside.

The immediate resistance level for AUD/USD is seen near the upper boundary of the Bollinger Band at 0.6432. Further north, the 0.6500-0.6505 regions appear a tough nut to crack for Aussie bears. The mentioned level represents the confluence of a psychological round mark and a high of August 14. Any meaningful follow-through buying above the latter could pave the way to 0.6522 (high of August 15) and 0.6570 (high of August 9).

On the flip side, the key support level is located at the 0.6400-0.6410 region, representing the lower limit of the Bollinger Band, 100-hour EMA, and a psychological round figure. A decisive breach of the latter will see the next stop at 0.6380 (low of August 25) and finally at 0.6365 (low of August 17).

It’s worth noting that the Relative Strength Index (RSI) stands in bearish territory below 50, challenging the pair’s immediate downside for the time being.

AUD/USD one-hour chart

AUD/USD

Overview
Today last price	0.6418
Today Daily Change	-0.0008
Today Daily Change %	-0.12
Today daily open	0.6426

Trends
Daily SMA20	0.6427
Daily SMA50	0.6571
Daily SMA100	0.6622
Daily SMA200	0.671

Levels
Previous Daily High	0.644
Previous Daily Low	0.6408
Previous Weekly High	0.648
Previous Weekly Low	0.6357
Previous Monthly High	0.6724
Previous Monthly Low	0.6364
Daily Fibonacci 38.2%	0.642
Daily Fibonacci 61.8%	0.6428
Daily Pivot Point S1	0.641
Daily Pivot Point S2	0.6393
Daily Pivot Point S3	0.6378
Daily Pivot Point R1	0.6441
Daily Pivot Point R2	0.6456
Daily Pivot Point R3	0.6472

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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