• AUD/USD edged higher on Wednesday as investors awaited details on U.S. tariffs that could well trigger a global trade war,
• Investors are focused on the new round of reciprocal tariffs the White House will announce on Wednesday at 2000 GMT, expected to take effect immediately after Trump’s announcement.
• Trump has imposed tariffs on aluminum, steel, and autos, and increased duties on Chinese goods, raising concerns about a trade war and global economic slowdown.
•The Australian dollar is often seen as a proxy for emerging market currencies and risk assets, making it vulnerable during periods of volatility.
• At GMT 05:55, The Australian dollar was last trading up 0.22% to $0.6257
• Immediate resistance is located at 0.6312 (50%fib), any close above will push the pair towards 0.6374(61.8%fib).
• Support is seen at 0.6258(38.2%fib) and break below could take the pair towards 0.6229(lower BB).
Recommendation: Good to buy around 0.6280 with stop loss of 0.6220 and target price of 0.6360
