FxWirePro: AUD/USD hits four-month high, scope for further upside

• AUD/USD climbed to four-month peak on Tuesday as President Donald Trump's sharp criticism of the Federal Reserve further eroded investor confidence in US dollar.

• On Monday, President Trump escalated his criticism of Fed Chair Jerome Powell, labeling him a 'major loser' and demanding an immediate cut to interest rates.

• Australia data calendar is light week with few scheduled data releases or events, leaving the movements of the Australian currencies largely driven by U.S. dollar flows.

• Trump's attack followed Powell’s comments that the Fed can stay patient on rates, waiting to see if tariffs lead to lasting inflation.

• At GMT 04: 58, the Australian dollar was trading higher 0.33% at $0.6430 against US dollar.

•  Immediate resistance is located at 0.6445(23.6%fib), any close above will push the pair towards 0.6526(Higher BB).

•  Support is seen at 0.6346(38.2%fib) and break below could take the pair towards 0.6262 (50%fib).

 Recommendation: Good to buy around 0.6430 with stop loss of 0.6360 and target price of 0.6500