FxWirePro: AUD/USD bulls struggles as upside momentum fades

• AUD/USD eased slightly on Wednesday as further escalation in U.S.-Iran hostilities kept in investors cautious.

• The U.S. military said late on Tuesday it had concluded its latest round of strikes on Iran, marking the 11th consecutive night of American attacks..

 • Washington said Iran has attacked more than 30 commercial vessels transiting the Strait of Hormuz over the past three months.

• Oil prices inched higher in early trading on Wednesday as fears of further supply disruptions intensified on  further escalation in U.S.-Iran hostilities

• Australia's consumer price figures are due next week and analysts generally expect core inflation to rise 0.9% in the June quarter and 3.7% for the year, well above the Reserve Bank of Australia's 2% to 3% target band.

• Following three rate increases since February, investors believed the RBA had finished tightening, pricing in an initial rate cut by the end of 2027.

•  Immediate resistance is located at 0.7042(Higher BB), any close above will push the pair towards 0.7057(38.2%fib).

•  Support is seen at 0.6971 (38.2%fib) and break below could take the pair towards 0.6947(SMA 20).

 Recommendation: Good to buy around 0.7000 with stop loss of 0.70500 and target price of 0.6950