• AUD/USD inched higher on Monday, but gains were capped as investors awaited a new catalyst for further movement in the pair.
• Trading volumes were low with the New Year holiday approaching and a sparse economic calendar this week.
• With holiday flows and year-end liquidity drain, the bias remains to the downside.
• At GMT 05:03, The Australian dollar was last trading up 0.40% to $0.6240 rebounding from two year low
• Immediate resistance is located at 0.6275(Dec 25th high), any close above will push the pair towards 0.6307(38.2%fib).
• Support is seen at 0.6200 (23.6%fib) and break below could take the pair towards 0.6146(Lower BB).
Recommendation: Good to sell around 0.6260, with stop loss of 0.6320 and target price of 0.6200
