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
volatilityMeanwhile, the Aussie 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.
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 and 0.6570 .
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 and finally at 0.6365 . It’s worth noting that the Relative Strength Index stands in bearish territory below 50, challenging the pair’s immediate downside for the time being.
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