FxWirePro:AUD/USD maintains bearish bias with focus on 0.6200 level

• AUD/USD edged higher on Thursday, but gains were capped as dovish expectations from the Reserve Bank of Australia continued to exert bearish pressure on the Australian dollar.

•The Reserve Bank of Australia's December meeting minutes revealed that the board plans to keep policy restrictive for now but may consider easing as early as February

.• RBA surprised markets with its unexpected dovish shift at the meeting, leading to a surge in the probability of a February rate cut, now estimated at around 50%.

• Trading volumes have started to decline as the year draws to a close, with many market players adopting a more cautious stance.

• At GMT 05:23 The Australian dollar  was last  trading up 0.17% to $0.6243.

•  Immediate resistance is located at 0.6273(Dec 20th high), any close above will push the pair towards 0.6323(50%fib).

•  Support is seen at 0.6213 (23.6%fib) and break below could take the pair towards 0.6174(Lower BB).

 Recommendation: Good to sell around 0.6260, with stop loss of 0.6330 and target price of 0.6200