AUD/USD Price Analysis: Recovery prods 0.6500 after RBA Minutes, Australia/China statistics

AUD/USD picks up bids to refresh intraday high, reverses from YTD low.
Mixed RBA Minutes, softer Aussie wage growth and downbeat China data prod Aussie bulls but US Dollar’s retreat favor recovery.
Oversold RSI challenges Aussie bears beyond 0.6460-55 support zone.
Multiple hurdles stand tall to test upside; 0.6600 appears the key resistance.

Anil Panchal FXStreet

AUD/USD recaptures the 0.6500 round figure while extending the early Asian session rebound from the lowest level since November 2022 amid the Tuesday morning in Europe.

The Aussie pair dropped to the lowest levels in 2023 the previous day after broad risk aversion drowned the risk barometer.

However, the recently mixed headlines from the Reserve Bank of Australia’s (RBA) Minutes of its August monetary policy meeting and the top-tier data from Australia, as well as China, allowed the traders to print a corrective bounce from the 0.6460-55 support zone comprising lows marked in late May and the previous day.

Also read: AUD/USD remains below 0.6500 mark after softer Chinese macro data, seems vulnerable

Technically, the failure to provide a daily closing beneath 0.6458 joined the nearly oversold RSI conditions to trigger the AUD/USD pair’s latest rebound.

That said, the 10-DMA level of 0.6530 precedes the 61.8% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6550, to restrict a short-term recovery of the Aussie pair.

Following that, a one-month-old descending resistance line and lows marked in June, as well as early July, respectively near 0.6570 and 0.6600, will be crucial to watch for the AUD/USD buyers to retake control.

On the flip side, a daily closing beneath the 0.6460-55 support area could quickly drag the quote to a September 2022 low of near 0.6365 ahead of highlighting the late 2022 bottom of around 0.6170 for the AUD/USD bears.

AUD/USD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	0.6501
Today Daily Change	0.0014
Today Daily Change %	0.22%
Today daily open	0.6487

Trends
Daily SMA20	0.6644
Daily SMA50	0.6697
Daily SMA100	0.668
Daily SMA200	0.6737

Levels
Previous Daily High	0.6507
Previous Daily Low	0.6454
Previous Weekly High	0.6617
Previous Weekly Low	0.6486
Previous Monthly High	0.6895
Previous Monthly Low	0.6599
Daily Fibonacci 38.2%	0.6474
Daily Fibonacci 61.8%	0.6487
Daily Pivot Point S1	0.6458
Daily Pivot Point S2	0.643
Daily Pivot Point S3	0.6405
Daily Pivot Point R1	0.6511
Daily Pivot Point R2	0.6536
Daily Pivot Point R3	0.6565

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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