AUD/USD struggles below 0.6500, upside looks likely, US Durable Goods Orders in focus


  • AUD/USD has faced hurdles around 0.6500 amid Harris-Albanese chatters.

  • World Bank has cut growth forecasts for China and has hiked same for eastern developing nations.

  • A lower-than-expected US Durable Goods data will bring more correction in the DXY.

The AUD/USD pair is witnessing a mild correction after hitting a high of 0.6495 in the early Tokyo session. Earlier, the asset rebounded firmly after dropping to near 0.6437 as the risk-off profile was heightened. As investors have started shrugging off the negative market sentiment, commodity-linked currencies have displayed a pullback move. Also, lower consensus for the US Durable Goods Orders data has weakened the US dollar index (DXY).

Meanwhile, a mix of news wires on China’s growth projections, and communication between Australian Prime Minister Anthony Albanese and US Vice President Kamala Harris has sidelined the aussie investors.

World Bank has cut growth projections for China considering its longer zero-tolerance approach towards Covid-19 and real estate crisis as reported by Wall Street Journal. Covid-19 restrictions suspended the movement of men, materials, and machines, which resulted in lower production outputs. While, the real estate crunch trimmed demand for base metals, steel, and other building materials dramatically. WSJ further added that developing economies in East Asia would grow faster than China this year for the first time since 1990.

Australian Albanese has congratulated US Harris on the passage of the Inflation Reduction Act. This came after US Harris announced that the economy will work on peace and security in the Indo-Pacific region with Australia.

In today’s session, the US consumer durables data will hog the limelight. The economic data is expected to decline by 1.1% as individuals are postponing their demand for durable goods amid sky-rocketing core price rise index and soaring interest rates. A lower-than-expected reading would shift the DXY into a corrective mode.

AUD/USD

Overview
Today last price 0.6484
Today Daily Change 0.0029
Today Daily Change % 0.45
Today daily open 0.6455
 
Trends
Daily SMA20 0.6733
Daily SMA50 0.6869
Daily SMA100 0.6922
Daily SMA200 0.7091
 
Levels
Previous Daily High 0.6538
Previous Daily Low 0.6438
Previous Weekly High 0.6748
Previous Weekly Low 0.6512
Previous Monthly High 0.7137
Previous Monthly Low 0.6835
Daily Fibonacci 38.2% 0.6476
Daily Fibonacci 61.8% 0.65
Daily Pivot Point S1 0.6416
Daily Pivot Point S2 0.6377
Daily Pivot Point S3 0.6316
Daily Pivot Point R1 0.6516
Daily Pivot Point R2 0.6577
Daily Pivot Point R3 0.6616

 

 

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