FxWirePro: AUD/ USD changes short term trend from neutral to bearish

• AUD/USD eased on Tuesday after data showed Australia current account deficit hits six-year high.

• Australia's current account deficit expanded to its largest in six years for the June quarter, driven by falling commodity prices and increased outflows of money due to debt repayments and dividend payments.

•Data released by the Australian Bureau of Statistics on Tuesday showed  a current account deficit of A$10.7 billion ($7.26 billion) for the June quarter, significantly surpassing the forecasted shortfall of A$5.9 billion.

• Australia's second-quarter GDP report, scheduled for release this week, could influence the Reserve Bank of Australia's interest rate decisions when officials convene later this month.

• Immediate resistance is located at 0.6797 (Aug 27th high), any close above will push the pair towards 0.6826 (23.6%fib).

• Support is seen at 0.6755(38.2%fib) and break below could take the pair towards 0.6695  (50%fib).

 Recommendation: Good to sell around 0.6780, with stop loss of 0.6860 and target price of 0.6700