FxWirePro: AUD/ USD momentum negative despite pause in losses
• AUD/USD eased on Wednesday as Australian dollar weighed down by concerns over China's economy and weak commodity prices . • Oil prices stabilized somewhat but remained near their lowest levels in three years following …
• AUD/USD eased on Wednesday as Australian dollar weighed down by concerns over China's economy and weak commodity prices .
• Oil prices stabilized somewhat but remained near their lowest levels in three years following OPEC+'s downward revision of its demand forecast for this year and 2025.
• Looking Ahead ,markets prepared for a crucial U.S. inflation reading that could influence the size of the anticipated rate cut from the Federal Reserve this month.
•Technical signals are strongly bearish as RSI is at 41, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 0.6698 (38.2%fib), any close above will push the pair towards 0.6751 (Sep 4th high).
• Support is seen at 0.6643(50%fib) and break below could take the pair towards 0.6586 (61.8%fib).
Recommendation: Good to sell around 0.6660, with stop loss of 0.6700 and target price of 0.6550
