FxWirePro: AUD/USD gains as US dollar slides on debt fears

•   AUD/USD strengthened on Friday as the US dollar weakened due to renewed concerns over the fiscal outlook in the United States.

•  The Republican-led House passed a major tax and spending bill Thursday, advancing Trump's agenda and increasing the national debt by trillions.

• U.S. debt concerns grew after Moody's downgraded the country’s credit rating, ending a short calm after last month’s tariff turmoil.

• The coming week, Australia is set to release monthly inflation data on Wednesday and retail sales figures on Friday, both closely watched after the central bank signaled potential interest rate cuts..

• A July rate cut is now priced in with a 60% probability, and markets anticipate a total easing of 65 basis points by the end of the year.

•  Immediate resistance is located at 0.6483(Higher BB), any close above will push the pair towards 0.6505(23.6%fib).

•  Support is seen at 0.6402(38.2%fib) and break below could take the pair towards 0.6368(Lower BB).

 Recommendation: Good to buy around 0.6430 with stop loss of 0.6350  and target price of 0.6520