• AUD/USD edged higher from their recent lows on Wednesday as U.S. dollar weakened on growing concerns over a potential U.S. recession.
• President Donald Trump's harsh tariffs have shaken global financial markets this week, with his recent increase in levies on Chinese imports escalating the trade war and heightening recession fears.
• The Australian dollar tends to be more sensitive to these global trade dynamics compared to other major currencies.
• At GMT 05:24, The Australian dollar was 0.03% stronger at $0.5958 against US dollar, but remained near the five-year low it hit on Monday.
• Immediate resistance is located at 0.6006(50%fib), any close above will push the pair towards 0.6090(61.8%fib).
• Support is seen at 0.5930(38.2%fib) and break below could take the pair towards 0.5820(23.6%fib).
Recommendation: Good to sell around 0.5980 with stop loss of 0.6050 and target price of 0.5900
