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FxWirePro : AUD/USD pauses downside momentum, remains near two month low

• AUD/USD edged higher but gains were limited   on Thursday as the greenback  remained bid driven by expectations of more cautious Federal Reserve rate cuts and increasing bets on a Trump victory .

•  Strong U.S. data and less dovish comments from some Federal Reserve officials have lessened the chance of further.

•At GMT 05:59  the pair was  trading at 0.6642, up 0.15%, having fallen 0.7% overnight.

•  Technical signals show the pair could lose more ground as RSI is down at 40, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 0.6663(5SMA), any close above will push the pair towards 0.6681(38.2%fib).

• Support is seen at 0.6627(23.6%fib) and break below could take the pair towards 0.6600  (Psychological level).

 Recommendation: Good to sell around 0.6650, with stop loss of 0.6770 and target price of 0.5960

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