• AUD/USD edged higher on Monday as mounting global trade frictions weighed on greenback.
• President Trump on Friday threatened to double steel and aluminum tariffs to 50%, accusing China of breaking Geneva trade agreements.
• On the data front,Australia will release Q1 GDP data on Wednesday, with forecasts of a 0.4% quarterly rise and 1.5% annual growth, up from 1.3%.
• The Reserve Bank of Australia will release minutes from its May meeting on Tuesday. Last month, it cut interest rates to a two-year low and signaled possible further easing due to slowing inflation and global trade risks.
• Immediate resistance is located at 0.6496((23.6%fib), any close above will push the pair towards 0.6514(Higher BB).
• Support is seen at 0.6383(38.2%fib) and break below could take the pair towards 0.6365(Lower BB).
Recommendation: Good to buy around 0.6430 with stop loss of 0.6360 and target price of 0.6560
