• AUD/USD slipped lower on Tuesday as disappointment over China's latest policy package announced on Friday and Trump's pledges of 60% tariffs on China continued to weigh on the Australian dollar.
• Declining commodity prices posed an additional risk to the Australian dollar, with copper hitting a seven-week low
• At GMT 05:46,the Australian dollar was down 0.30 % at 0.6653 against US dollar.
•Technical signals are strongly bearish as RSI is at 40, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 0.6603(38.2%fib), any close above will push the pair towards 0.6662(50%fib).
• Support is seen at 0.6539(23.6%fib) and break below could take the pair towards 0.6511(Nov 6th low).
Recommendation: Good to sell around 0.6570, with stop loss of 0.6670 and target price of 0.6500
