• AUD/USD inched lower on Tuesday after the Reserve Bank of Australia delivered on an expected rate cut.
• The RBA cut its cash rate by 0.25% to 4.10% on Tuesday, its first cut since 2020, but remains cautious about further easing..
• The Reserve Bank of Australia (RBA) has been slower to reduce interest rates compared to other central banks around the world. While many global peers have already started easing their policies to stimulate economic growth.
• At GMT 05:47, The Australian dollar was last trading down 0.02% to $0.6354.
• Immediate resistance is located at 0.6385(50%fib), any close above will push the pair towards 0.6476(61.8%fib).
• Support is seen at 0.6293 (38.2%fib) and break below could take the pair towards 0.6179 (23.6%fib)
Recommendation: Good to sell around 0.6340, with stop loss of 0.6430, and target price of 0.6260
