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FxWirePro: AUD/ USD maintains bullish bias with focus on 0.6200 level

• AUD/USD edged lower on Wednesday after a weaker-than-expected domestic inflation report raised expectations of a near-term interest rate cut by RBA.

• Consumer prices rose 0.2% in Q4, with annual inflation slowing to 2.4%. Core inflation dropped to 3.2%, below the expected 3.3%, and was 2.7% in December..

• Swaps imply a 75% chance of a quarter-point easing, while futures price it around 90% compared with recent levels of 80%.

• At GMT 05:44, the pair   was trading  down 0.60%  at  0.6254

•  Immediate resistance is located at 0.6310(50%fib), any close above will push the pair towards 0.6360(Higher BB).
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•  Support is seen at 0.6232(38.2%fib) and break below could take the pair towards 0.6168(Jan 17th low).

 Recommendation: Good to sell around 0.6250 with stop loss of 0.6330 and target price of 0.6200
 

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