FxWirePro: AUD/USD falls below 0.6700, bears keep the advantage

• AUD/USD eased  on Wednesday  as stronger US dollar and growing scepticism  about top trading partner China's stimulus continued to exert bearish pressure on Australian dollar.

• The dollar has been boosted by optimism that the Federal Reserve would pick a lower 25 basis point rate drop next month, rather than a 50 basis point move.

•On Saturday, China's finance ministry said that it will boost borrowing, but did not specify when or by how much.

• China will hold a news conference on Thursday to discuss boosting the growth of the real estate sector.

•  Technical signals show the pair could lose more ground as RSI is down at 39, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 0.6700 (Daily high), any close above will push the pair towards 0.6733(38.2%fib).

• Support is seen at 0.6671(23.6%fib) and break below could take the pair towards 0.6634  (lower BB).

 Recommendation: Good to sell around 0.6720, with stop loss of 0.6770 and target price of 0.6650