• AUD/ USD hovered near 2024 high on Monday , driven by the anticipation that the U.S. central bank will implement an interest rate cut next month .
• The expectation of a Federal Reserve rate cut has sparked speculation among traders that the RBA might follow suit with a potential rate cut as soon as November, with the odds standing at about 50-50.
• At (03:44 GMT )the pair was down at 0.2 percent at 0.6778 , having touched day high at 0.6794 earlier in the day.
• Immediate resistance is located at 0.6797 (23.6%fib), any close above will push the pair towards 0.6833 (Higher BB).
• Support is seen at 0.6705(38.2%fib) and break below could take the pair towards 0.6630(50%fib).
Recommendation: Good to buy around 0.6770, with stop loss of 0.6660 and target price of 0.6870
