FxWirePro: AUD/USD edges higher as greenback softens

• AUD/USD edged higher on Thursday as greenback eased as traders ramped up bets of an interest rate cut next month.

• New York Fed President John Williams said Wednesday that rate cuts are possible but depend on upcoming economic data to determine if a move next month is warranted.

• Markets now assign 88.7% probability to a 25 bp Fed cut on Sept. 17, up sharply from 61.9% in July, per CME FedWatch.

• Investors are closely watching for the release of the Personal Consumption Expenditures (PCE) Price Index on Friday, which serves as the Federal Reserve’s primary gauge for measuring inflation and will be key in shaping expectations for upcoming policy decisions..

• A survey of economists shows expectations for a 2.6% gain in the July U.S. PCE price index, unchanged from the prior month.

•  At GMT 04:53, the Australian dollar was up  0.10% to 0.6510 against the Greenback

•  Immediate resistance is located at 0.6554(Higher BB), any close above will push the pair towards 0.6626(23.6%fib)

•  Support is seen at 0.6491 (SMA 20) and break below could take the pair towards 0.64751(38.2%fib).

 Recommendation: Good to sell around 0.6570 with stop loss of 0.6650 and target price of 0.6480