FxWirePro: AUD/USD eases as RBA rate cut expectations build

•  AUD/USD eased on Tuesday as soft domestic jobs data intensified speculation that the Reserve Bank of Australia (RBA) may cut rates at its policy meeting next week.

•The ANZ-Indeed Australian Job Ads index logged its largest monthly fall since February, marking the fourth drop this year and indicating a slow but steady cooling of labor market conditions.

•  The Reserve Bank of Australia is set to meet market expectations by lowering the cash rate to 3.60% during its upcoming policy meeting concluding on August 12.

• Investor expectations have solidified around the prospect of monetary easing, with market pricing indicating a 95% chance of an RBA rate cut this month and two more cuts likely to follow by the first quarter of next year.

•  Immediate resistance is located at 0.6487(38.2%fib), any close above will push the pair towards 0.6524(SMA 20)

•  Support is seen at 0.6422(Lower BB) and break below could take the pair towards 0.6378(50%fib B).

 Recommendation: Good to sell  around 0.6560 with stop loss of 0.6620 and target price of 0.6490