• AUD/USD fell on Tuesday as the Reserve Bank of Australia adopted a slightly dovish tone.
• RBA released the minutes from its September policy meeting, detailing the conditions that could lead to a future rate cut. These include a sluggish economy and a decline in the labor market.
• Sentiment on Tuesday was tempered as the Chinese market rally faded, disappointing investors who were hoping for more specifics on Beijing's new stimulus package.
• Technical signals show the pair could lose more ground as RSI is up at 44, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 0.6832 (38.2%fib), any close above will push the pair towards 0.6858(SMA 9).
• Support is seen at 0.6709 (50%fib) and break below could take the pair towards 0.6650 (61.8%fib).
Recommendation: Good tosell around 0.6740, with stop loss of 0.6850 and target price of 0.6670
