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FxWirePro: AUD/USD attracts buying interest, 23.6% fibonacci eyed

• 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

 

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