- AUD/USD treads water ahead of the US PMI data release.
- Nine-day EMA acts as the immediate resistance at 0.6446.
- MACD suggests tepid momentum, reflecting bearish sentiment in the AUD/USD pair.
AUD/USD trades higher around 0.6430 at the time of writing during the European session, treading waters to continue the winning streak that began on Monday. Investors await the release of United States (US) PMI data later in the North American session, seeking more cues on the economic situation in the US.
The nine-day Exponential Moving Average (EMA) at 0.6446 acts as the immediate resistance, following the 23.6% Fibonacci retracement at 0.6489.
A breakout above that level could open the doors for the AUD/USD buyers to explore the region around the 21-day EMA at 0.6518, followed by the 38.2% Fibo at 0.6566.
On the downside, the 0.6400 psychological level appears to be the key support, following the region around the monthly low at 0.6364.
The Moving Average Convergence Divergence (MACD) line suggests a tepid momentum, reflecting the mixed sentiment of AUD/USD traders as it stays below the centerline but shows convergence below the signal line. The 14-day Relative Strength Index (RSI) remains below 50, which suggests a bearish bias in the pair.
AUD/USD: Daily Chart
Source: https://www.fxstreet.com/news/aud-usd-price-analysis-nine-day-ema-acts-as-a-barrier-near-06450-us-pmis-eyed-202308230911