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 e
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. xtend recovery as the US Dollar finds a cushion to near 106.50 after correcting from an 11-month high at 107.35.
6464 continues to act as a barricade for the Australian Dollar bulls. A bearish impulse would trigger if the Relative Strength Index 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.
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