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FxWirePro: AUD/ USD neutral in the near-term, scope for downward resumption

• AUD/USD hit two-year low on Thursday   after the U.S. Federal Reserve cut rates by 25 basis points and signaled a slower pace of future cuts.

• The Federal Reserve cut interest rates on Wednesday as expected, but Chairman Jerome Powell stated that no further cuts will occur unless inflation moves closer to the Fed's target.

• Spillovers from a hawkish shift by the Fed on Wednesday persisted through Thursday, affecting currency markets most as traders significantly pared back forecast for easing next year.

• The Australian dollar hit a low of $0.6200 and it thereafter edged to $0.6215, up 0.11%.

•  Immediate resistance is located at 0.6298(38.2%fib), any close above will push the pair towards 0.6377(Dec 18th high).

•  Support is seen at 0.6200(23.6%fib) and break below could take the pair towards 0.6155(Lower BB).

 Recommendation: Good to sell around 0.6230, with stop loss of 0.6300  and target price of 0.6140

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