FxWirePro: AUD/USD edged lower as early optimism over U.S.–Iran peace talks fade

• AUD/USD  eased  on Thursday as the initial optimism surrounding U.S.–Iran peace talks has begun to fader.

• The ceasefire appears fragile, with Iran citing multiple violations of the agreement with the U.S., keeping the market on edge.

• This geopolitical uncertainty is limiting risk appetite and weighing on the AUD.

•Technical potential exists for a rally toward 0.7126, but lingering geopolitical risks and possible USD strength from U.S. economic data keep the pair range-bound for now.

• Market attention is on Today’s U.S. releases, including February Core PCE (expected +0.4% m/m) and Q4 GDP (expected +0.7% q/q). Stronger-than-expected prints could bolster the USD.

•  Immediate resistance is located at 0.7070 (38.2%fib), any close above will push the pair towards 0.7123 (Higher BB).

•  Support is seen at 0.6990(50%fib) and break below could take the pair towards 0.6898(61.8%fib)

Recommendation: Good to buy   around 0.7030  with stop loss of 0.6940  , and target price of 0.7100