AUD/USD slipped lower on Wednesday as the Australian dollar weakened amid concerns over U.S. tariffs despite upbeat GDP data.
•The Australian dollar has taken a hit after U.S. President Donald Trump's planned tariffs took effect on Tuesday.
• Australia’s economy gained momentum in Q4 as tax cuts boosted consumer spending, though annual growth remained sluggish by historical standards.
• Australian Bureau of Statistics data on Wednesday showed GDP grew 0.6% in Q4, beating forecasts of 0.5% and marking the strongest quarter in two years. Annual growth rose to 1.3%, up from 0.8% in the previous quarter.
• At GMT 05:21, The Australian dollar was last trading down 0.35% to $0.6249
• Immediate resistance is located at 0.6281 (38.2%fib), any close above will push the pair towards 0.6351(50%fib).
• Support is seen at 0.6193 (23.6%fib) and break below could take the pair towards 0.6149(Lower BB).
Recommendation: Good to sell around 0.6260, with stop loss of 0.6350 and target price of 0.6180
