• AUD/USD eased on Wednesday as the greenback continued to strengthen robust economic data and on bets Donald Trump would win the U.S. presidential election.
• Growing expectations for Trump’s victory in the November 5 election and reduced hopes for aggressive Fed rate cuts have boosted the dollar.
•At GMT 05:41 the pair was trading at 0.6689, down 0.07%,it has declined 3.2% in October.
• 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 0.6682(5SMA), any close above will push the pair towards 0.6701(38.2%fib).
• Support is seen at 0.6651(23.6%fib) and break below could take the pair towards 0.6600 (Psychological level).
Recommendation: Good to sell around 0.6680, with stop loss of 0.6770 and target price of 0.6600
