FxWirePro: AUD/USD uptrend loses steam, remains on bullish path

• AUD/USD  eased on Thursday as investors continued to assess the prospect of a February interest rate hike after mixed inflation  data.

• Data released on Wednesday showed that consumer prices rose 3.4% in November from a year earlier, slower than October's alarmingly high 3.8%, but a key measure of core inflation increased to 3.2% for the year, staying stubbornly above the Reserve Bank of Australia's target band of 2% to 3%.

•The RBA has already warned it could raise its cash rate if inflation doesn't cool sufficiently, and markets imply a 31% chance that the central would hike by a quarter point at its meeting on February 3.

•All eyes will be now on the quarterly inflation data, due later this month, which will likely carry more weight in the RBA's upcoming policy decision.

• Immediate resistance is located at 0.6765(23.6%fib), any close above will push the pair towards 0.6776(Higher BB).

• Support is seen at 0.6705(Jan 6th low) and break below could take the pair towards 0.66785(38.2%fib).

 Recommendation: Good to buy  around 0.6670, with stop loss of 0.6600 and target price of 0.6750