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\n Share:<\/span><\/p>\n The AUD\/USD pair<\/a> retreats after failing to extend recovery above the immediate resistance of 0.6470 as the US Dollar resumes its upside journey after a mild correction in the early New York session. The Aussie asset fails to stretch recovery further despite robust China\u2019s economic data<\/a>.<\/p>\n China\u2019s annual Industrial Production remained robust in August, rose by 4.5%, and Retail Sales expanded by 4.6%. Investors feel that one-time robust economic data is insufficient to warrant decent growth prospects. The Australian Dollar, being a proxy to the Chinese economy, is facing tough barriers.<\/p>\n The US Dollar Index remains inside the woods but is expected to renew its six-month high despite expectations of a steady interest rate decision by the Federal Reserve (Fed) next week.<\/p>\n Meanwhile, the US Michigan Consumer Sentiment Index (CSI) drops to 67.7 as investors worry about the economic outlook<\/a> knowing that the Fed<\/a> is expected to keep interest rates<\/a> high long enough\u2019 till inflation comes down to 2%.<\/p>\n AUD\/USD recovers after discovering buying interest while re-testing the horizontal support plotted from August 17 low at 0.6365. The Aussie asset climbs above the 50-period Exponential Moving Average (EMA), which trades around 0.6433. Potential resistance is plotted from August 30 high at 0.6522.<\/p>\n The Relative Strength Index (RSI) (14) aims to shift into the bullish range of 60.00-80.00. An occurrence of the same will activate the upside momentum.<\/p>\n 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.<\/p>\n On the flip side, fresh downside would appear if the Aussie asset will 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.<\/p>\n\n
AUD\/USD two-hour chart\u00a0<\/h2>\n