FxWirePro: AUD/USD hovers near two-week low, scope for further downside

• AUD/USD hovered near two-week low   on Monday    as investors digested comments from Reserve Bank of Australia Governor Michele Bullock.

• RBA Governor Michele Bullock said on Monday that Australia’s economy remains on solid footing, with slowing inflation and a robust labor market providing scope for further policy easing if circumstances require.

• The RBA has adopted a measured approach to policy easing, trimming rates in February, May, and August to 3.6%, with the pace of further cuts contingent on the flow of economic data.

•Markets expect the RBA to leave rates unchanged at its September meeting, while pricing in about a 75% chance of a rate adjustment in November

• At GMT 08:21  Australian dollar was trading at down  0.01 % at $0.6588 against the U.S. dollar. 

•  Immediate resistance is located at 0.6661 (Sep 18th high), any close above will push the pair towards 0.6711(23.6fib)

•  Support is seen at 0.6584 (SMA 20) and break below could take the pair towards 0.6553(38.2% fib).

 Recommendation: Good to sell around 0.6600 with stop loss of 0.6700 and target price of 0.6520