The AUD/USD pair remains inside the woods above the round-level support of 0.6400. The Aussie asset struggles to find a direction as the US Dollar has
for the remaining 2023.
The US Dollar Index is broadly upbeat amid fears of a slowdown in the global economy. The Chinese economy is facing deflation risks as household demand remains weak due to a rising jobless rate. The Australian Dollar is facing the headwinds of weak China’s economic growth, being a proxy player. data for August, which will be published on Wednesday. The economic data is seen hotter at 5.2% vs. July’s reading of 4.9%.
The Relative Strength Index jumps above 60.00, which indicates that the bullish impulse has been triggered. 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 would drop below August 17 low around 0.6360. This would expose the asset to the round-level support of 0.6300 followed by 03 November 2022 low at 0.6272.
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