FxWirePro: AUD/USD falls amid tariff concerns despite strong Australian GDP data

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