AUD/USD Price Analysis: Struggles to extend upside 0.6520

AUD/USD aims for more upside amid risk-on mood.
The USD Index faces an intense sell-off due to easing US consumer inflation.
AUD/USD aims to climb above the immediate resistance plotted from 0.6520.

Sagar Dua FXStreet

The AUD/USD pair faces pressure around 0.6520 in the late European session. The rally in the Aussie asset stalls as investors await the United States Retail Sales data for October, which will be published at 13:30 GMT.

As per the consensus, consumer spending contracted by 0.3% against 0.7% growth in September. Weak consumer spending data would put more pressure on the US Dollar. The US Dollar has been facing a sell-off due to easing consumer inflation in the US economy.

The US inflation report for October indicated that the headline inflation grew at the slowest growth in more than two years. The annual headline CPI rose by 3.2%, softened from estimates of 3.3% and the former reading of 3.7%.

AUD/USD aims to climb above the immediate resistance plotted from August 15 high around 0.6520. The Asset aims to stabilize above the 50-day Exponential Moving Average (EMA), which trades around 0.6420, indicating that the near-term trend is upbeat.

The Relative Strength Index (RSI) (14) attempts to shift into the bullish range of 60.00-80.00. If the RSI (14) manages to do so, Australian Dollar bulls will get strengthened further.

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.

On the flip side, 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.

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.6519
Today Daily Change	0.0011
Today Daily Change %	0.17
Today daily open	0.6508

Trends
Daily SMA20	0.6381
Daily SMA50	0.6389
Daily SMA100	0.6492
Daily SMA200	0.6601

Levels
Previous Daily High	0.6512
Previous Daily Low	0.6356
Previous Weekly High	0.6523
Previous Weekly Low	0.6339
Previous Monthly High	0.6445
Previous Monthly Low	0.627
Daily Fibonacci 38.2%	0.6453
Daily Fibonacci 61.8%	0.6416
Daily Pivot Point S1	0.6405
Daily Pivot Point S2	0.6302
Daily Pivot Point S3	0.6249
Daily Pivot Point R1	0.6562
Daily Pivot Point R2	0.6615
Daily Pivot Point R3	0.6718

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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