• AUD/USD slipped lower on Wednesday as cautious global risk sentiment and a slightly firmer US dollar kept bearish pressure on Australian dollar.
• Investor sentiment has been shaky this week in anticipation of an earnings update from chip titan Nvidia , which was at the heart of a rally that has carried stock markets around the world to record highs.
• Slightly firmer US dollar also pressured the pair as markets dialed back near-term Fed cut expectations ahead of key data.
• On the data front, Australian wages grew at a steady, expected pace in Q3, easing investor concerns about rising wage pressures after strong jobs data.
•The wage price index rose 0.8% in the third quarter, unchanged from the previous quarter, Australian Bureau of Statistics figures showed on Wednesday, which was in line with forecasts.
• Immediate resistance is located at 0.6490(38.2%fib), any close above will push the pair towards 0.6524(SMA 20).
• Support is seen at 0.6451(Lower BB) and break below could take the pair towards 0.6420 (23.6%fib).
Recommendation: Good to sell around 0.6500, with stop loss of 0.6580 and target price of 0.6440
