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AUD/USD momentum strongly bearish despite pause in losses

• AUD/ USD held around four-month low on Thursday as investors banked on more aggressive rate cuts by RBA. • Market rates pricing altered dramatically on Wednesday as data on Australian economic growth dashed recovery ho…

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AUD/USD momentum strongly bearish despite pause in losses
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• AUD/ USD  held around  four-month low    on Thursday   as investors banked on more aggressive rate cuts by RBA.

• Market rates pricing altered dramatically on Wednesday as data on Australian economic growth dashed recovery hopes.

• Data showed on Wednesday Australia's economy grew by a 0.3% on a quarterly basis in the three months ending in September, falling short of the 0.4% market forecast.

• At GMT 05:48, The Aussie   was trading up 0.10% to $0.6436,  having shed 0.9% on Wednesday.

•  Immediate resistance is located at 0.6474 (38.2%fib), any close above will push the pair towards 0.6533(50%fib).

•  Support is seen at 0.6422(38.2%fib) and break below could take the pair towards 0.6402(Lower BB).

 Recommendation: Good to sell around 0.6450, with stop loss of 0.6570  and target price of 0.6350.

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