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FxWirePro:AUD/USD attracts selling interest, vulnerable to more downside

• 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

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