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FxWirePro: AUD/ USD languishes near 2-Year low, bias bearish

• 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

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