• AUD/USD dipped towards 2-year low on Friday as RBA-Fed rate divergence , weak Chinese economy weighed on Australian dollar.
• Earlier this month, the Reserve Bank of Australia signaled the possibility of a near-term rate cut.
.• The dovish tone, alongside the Fed's cautious stance on rate cuts, weighed on the Aussie, already impacted by risk aversion and concerns over China's economy.
• At GMT 06:03 The Australian dollar was last trading up 0.24% to $0.6207.
• Immediate resistance is located at 0.6256(Dec 26th high), any close above will push the pair towards 0.6281(38.2%fib).
• Support is seen at 0.6200 (23.6%fib) and break below could take the pair towards 0.6159(Lower BB).
Recommendation: Good to sell around 0.6220, with stop loss of 0.6300 and target price of 0.6130
