FxWirePro: AUD/ USD slips to three- week low with plenty more downside potential

• AUD/USD declined  to hit three week low on Tuesday as growing concerns over China's economy , weaker commodity price and stronger greenback weighed on risk sensitive Australian dollar .

• Chinese data released on Monday revealed that inflation in the world’s second-largest economy remained subdued. Consumer price gains fell short of expectations last month, while producer prices continued to be in contraction.

•Iron ore, Australia's largest export commodity, dropped another 1% on Monday, marking its lowest level in a year.

 • At GMT 02:34, the pair was down at 0.10 percent at 0.6653 , having touched day low at 0.6648  earlier in the day.

• Immediate resistance is located at 0.6698 (38.2%fib), any close above will push the pair towards 0.6751 (Sep 4th high).

• Support is seen at 0.6646(50%fib) and break below could take the pair towards 0.6586 (61.8%fib).

 Recommendation: Good to sell around 0.6660, with stop loss of 0.6710 and target price of 0.6540