• The AUD/USD held near two year low on Thursday as dollar remained bid ahead of US payrolls data.
• Australia dollar was also undermined by dovish bets on Reserve Bank of Australia monetary policy.
• Markets imply around a 75% probability of a quarter point reduction in the 4.35% cash rate next month and also see rates around 3.60% by the end of the year.
• At GMT 05:30, The Australian dollar was last trading down 0.04% to $0.6196.
• Immediate resistance is located at 0.6245(38.2%fib), any close above will push the pair towards 0.6305 (50%fib).
• Support is seen at 0.6173 (23.6%fib) and break below could take the pair towards 0.6131 (Lower BB)
Recommendation: Good to sell around 0.6220, with stop loss of 0.6320, and target price of 0.6130
