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

• AUD/USD found support on Friday following a period of volatility, with recent losses primarily reflecting broad-based gains in the U.S. dollar.

•The U.S. currency got an added boost late Thursday when Federal Reserve Chair Jerome Powell said the central bank was in no rush to ease further.

• The Aussie also faced pressure this week due to weaker commodity prices and persistent concerns over China’s economic slowdown..

 • At GMT 06:00, the pair was up at 0.11 percent at 0.6463 , near a fresh three-month low of $0.6441.

• Technical highlight downside risk for AUD/ USD, with momentum studies, 5, 10 and 11 SMAs tracking south.

• Immediate resistance is located at 0.6496(Nov 14th high), any close above will push the pair towards 0.6532(38.2%fib).

• Support is seen at 0.6441(23.6%fib) and break below could take the pair towards 0.6400 (Psychological level).

 Recommendation: Good to sell around 0.6470, with stop loss of 0.6560 and target price of 0.6400