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FxWirePro:AUD/USD set for bigger drop, but close below key fibo needed

• AUD/USD edged higher on Wednesday, but gains were constrained due to a lack of details regarding China's stimulus plans.

• Investors continue to focus on China following a volatile day in Chinese and Hong Kong markets during the previous session.

• Market players are still waiting for additional stimulus measures that will could boost market  sentiment .

•  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 0.6771 (38.2%fib), any close above will push the pair towards 0.6816(50%fib).

• Support is seen at 0.67108 (23.6%fib) and break below could take the pair towards 0.6682  (lower BB).

 Recommendation: Good to sell  around 0.6750, with stop loss of 0.6820 and target price of 0.6670

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