• AUD/USD gained ground on Wednesday as the dollar weakened ahead of the FOMC meeting minutes.
•The minutes will be closely watched for comments on the impact of higher U.S. tariffs on inflation and spending.
• On the data front, Australian wages grew at their slowest pace in over two years in Q4, despite low unemployment, suggesting inflation may continue to decline.
• Australian Bureau of Statistics data showed the wage price index rose 0.7% in the December quarter, the smallest increase since Q1 2022, below the 0.8% forecast.
• At GMT 06:15 The Australian dollar was last trading up 0.23% to $0.6368.
• Immediate resistance is located at 0.6385(23.6%fib), any close above will push the pair towards 0.6400(Higher BB).
• Support is seen at 0.6325 (38.2%fib) and break below could take the pair towards 0.6280(50%fib)
Recommendation: Good to buy around 0.6360, with stop loss of 0.6300, and target price of 0.6400
