• AUD/USD dipped on Tuesday as investors digested Australian economic dataand awaited fresh catalyst.
• Australia’s consumer sentiment slipped in December, as households worried about inflation and interest rates, after hitting a four-year high in November..
• A Westpac-Melbourne Institute survey showed consumer sentiment fell 9% to 94.5 in December, after rising 12.8% in November, slipping below 100 as pessimists outweighed optimists.
• Separate data s showed the Composite PMI fell to a seven-month low of 51.1 in December.
• Services sector growth slowed to 51 from 52.8, while manufacturing activity edged higher to 52.2 from 51.6.
• Immediate resistance is located at 0.6656(Daily high), any close above will push the pair towards 0.6696(23.6%fib).
• Support is seen at 0.6613(38.2%fib) and break below could take the pair towards 0.6569(SMA 20).
Recommendation: Good to buy around 0.6620, with stop loss of 0.6550 and target price of 0.6700
