• AUD/USD dipped on Tuesday as greenback strengthened ahead of interest rate decisions from the Federal Reserve.
• The U.S. central bank is expected to cut rates by 25 basis points, bringing the target range to 4.25% to 4.50%. However, the key focus will be on any indications regarding future rate cuts.
• A survey by Westpac showed that consumer sentiment declined in December, as worries about the economic outlook overshadowed improvements in individuals' personal finances..
• The Westpac-Melbourne Institute index of consumer sentiment dropped 2.0% in December, reversing some of the significant gains made in the previous two months.
• At GMT 05:51, The Australian dollar was trading down 0.31% to $0.63575.
• Immediate resistance is located at 0.6383(Dec 11th high), any close above will push the pair towards 0.6444(38.2%fib).
• Support is seen at 0.6349(23.6%fib) and break below could take the pair towards 0.6325(Lower BB).
Recommendation: Good to sell around 0.6360, with stop loss of 0.6430 and target price of 0.6300
