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FxWirePro: AUD/USD gains some upside momentum but still bearish

• 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

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