FxWirePro: AUD/ USD momentum negative despite the pause in losses

• AUD/USD  traded around $0.653 on Wednesday, staying close to its weakest point in three months as the US dollar maintained its strength.

• Data from the Australian Bureau of Statistics released on Wednesday showed the wage price index increased by 0.8% in the September quarter, slightly below market expectations of a 0.9% gain.

• Annual pay growth slowed to 3.5%, from 4.1%, the lowest reading since the last quarter of 2022.

 • At GMT 06:06, the pair was down at 0.07 percent at 0.6530 , having touched day low at 0.6516 earlier in the day.

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

• Immediate resistance is located at 0.6578(38.2%fib), any close above will push the pair towards 0.6000(Psychological level).

• Support is seen at 0.6516(23.6%fib) and break below could take the pair towards 0.6478  (Lower BB).

 Recommendation: Good to sell around 0.6540, with stop loss of 0.6640 and target price of 0.6470