FxWirePro: AUD/ USD outlook weaker on renewed downside pressure

• The AUD/USD continued  to lose ground on Monday  as dollar remained  bid following a stronger-than-expected jobs report, highlighting the outperformance of the U.S. economy compared to the rest of the world.

• The Australian dollar is also under pressure due to expectations of a 25-basis-point rate cut by the Reserve Bank of Australia in February, alongside a slow recovery in China’s economy.

•Further risks to the currency come from upcoming U.S. inflation data, Australia's employment report, China’s trade and economic activity figures, and the U.S. Presidential inauguration on January 20.

•  At GMT 06:12, The Australian dollar  was last  trading down 0.11% to $0.6139. 

•  Immediate resistance is located at 0.6204(Jan 10th high), any close above will push the pair towards 0.6240 (38.2%fib).

•  Support is seen at 0.6120 (23.6%fib) and break below could take the pair towards 0.60911 (Lower BB)

Recommendation: Good to sell  around 0.6150, with stop loss of 0.6250, and target price of 0.6080