FxWirePro:AUD/USD drifts towards two year low, bias strongly bearish

• 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