FxWirePro: AUD/ USD outlook weaker on renewed downside pressure

• AUD/ USD held near four  month low    on Wednesday as Reserve Bank of Australia's dovish stance continued to pressure the Australian dollar.

• On Tuesday, the Reserve Bank of Australia (RBA) decided to maintain interest rates at 4.35%, while moderating its previously hawkish stance by removing a reference to the necessity of keeping policy restrictive.

• Andrew Hauser, the Deputy Governor of the Reserve Bank of Australia, is scheduled to speak about Australia and the world economy on Wednesday at   (0700 GMT).

• At GMT 05:28, The Aussie   was trading down 0.10% to $0.6381 after having dropped 2% last week.

•  Immediate resistance is located at 0.6391(Daily high), any close above will push the pair towards 0.6426(38.2%fib).

•  Support is seen at 0.6369(23.6%fib) and break below could take the pair towards 0.6339(Lower BB).

 Recommendation: Good to sell around 0.6380, with stop loss of 0.6480  and target price of 0.6300.