• AUD/USD recovered some ground on Thursday as investors assessed Federal Reserve interest rate cuts prospect following the latest US jobs report and FOMC minutes
• looking Ahead U.S. consumer inflation data is due later in the day where a hot print would add to the doubt that the Federal Reserve may not cut rates at all in November.
• AUD/USD recovered to $0.6739 after losing 0.4% overnight, marking its fifth consecutive session of declines..
• Technical signals show bearish outlook for the pair as RSI is down at 44, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 0.6764 (38.2%fib), any close above will push the pair towards 0.6804(50%fib).
• Support is seen at 0.6713 (23.6%fib) and break below could take the pair towards 0.6682 (lower BB).
Recommendation: Good to sell around 0.6740, with stop loss of 0.6820 and target price of 0.6670
