FxWirePro: AUD/ USD claws back some losses but recovery muted

• AUD/ USD  strengthened    on Friday  as hawkish speech by Reserve Bank of Australia (RBA) Governor Michele Bullock supported Australian dollar.

• Reserve Bank of Australia (RBA) Governor Michele Bullock stated at an economic conference that the core inflation rate of 3.5% in the third quarter exceeded the RBA's target range of 2% to 3%. She emphasized that policy must remain restrictive until the bank is confident that the target band can be achieved.

.• The central bank has maintained its cash rate at 4.35% for a full year, and markets had already priced in just a 10% likelihood of a quarter-point cut at its next board meeting on December 10.

• At GMT 05:40, The Australian dollar was up at 0.26% at $0.6514  , holding steady for the week after reaching a four-month low of $0.6434  .

•  Immediate resistance is located at 0.6516 (38.2%fib), any close above will push the pair towards 0.6575(50%fib).

•  Support is seen at 0.6438(23.6%fib) and break below could take the pair towards 0.6418(Lower BB).

 Recommendation: Good to sell around 0.6515, with stop loss of 0.6580  and target price of 0.6450.