FxWirePro: AUD/ USD downside pressure builds, key support level in focus

• AUD/USD languished near  two  year   low  on Friday  as stronger dollar, weak Chinese economy and lower commodities prices continued to weigh on Australian dollar.

•The US dollar strengthened after the Federal Reserve delivered a widely anticipated 25 basis point rate cut on Wednesday.

• The commodities market has been hit by a strong U.S. dollar, with oil prices falling on Friday. Gold is set for a 1.9% drop this week, while silver is on track for its worst week since December 2023.

• Investors are now awaiting the core PCE data, the Fed's preferred inflation measure, for additional insights into the U.S. economic outlook.

• At GMT 04.56,the Australian dollar was down 0.23% at 0.6224 against greenback .

•  Immediate resistance is located at 0.6290(38.2%fib), any close above will push the pair towards 0.6368(50%fib).

• Support is seen at 0.6200(23.6%fib) and break below could take the pair towards 0.6173(Lower BB).

 Recommendation: Good to sell around 0.6230, with stop loss of 0.6300  and target price of 0.6140