FxWirePro: AUD/ USD outlook weaker on renewed downside pressure

• AUD/ USD  declined    on Tuesday    as higher iron ore prices and stronger US dollar weighed  Australian dollar.

• Dalian iron ore futures rose for a third consecutive session on Tuesday, reaching a two-month high, driven by expectations of economic stimulus and seasonal restocking by Chinese steelmakers.

.•On the data front, Australia's current account deficit exceeded expectations in the third quarter, reaching A$14.1 billion ($9.12 billion) for the September quarter, higher than the anticipated A$10.0 billion shortfall, according to data from the Australian Bureau of Statistics. 

• At GMT 05:48, The Aussie   dipped 0.09% to $0.6470, having fallen 0.7% overnight to as low as $0.6443.

•  Immediate resistance is located at 0.6492 (SMA 9), any close above will push the pair towards 0.6518(38.2%fib).

•  Support is seen at 0.6443(23.6%fib) and break below could take the pair towards 0.6416(Lower BB).

 Recommendation: Good to sell around 0.6480, with stop loss of 0.6570  and target price of 0.6400.