• Australian dollar held steady on Friday as softer dollar and easing global trade tensions supported Australian dollar.
• Investors reacted positively to the U.S.-China trade truce, seeing it as a major step in lowering the threat of a worldwide recession.
• The Market focus now turns to next week’s Reserve Bank of Australia policy decision.
•The Reserve Bank of Australia is set to cut its key interest rate by 25 basis points on Tuesday, with two additional cuts expected later this year, as core inflation stays within the target range amid growth concerns driven by trade tensions.
• At GMT 05:28, the Australia dollar was up 0.35% to 0.6428 against the US dollar.
• Immediate resistance is located at 0.6462(May 12th high), any close above will push the pair towards 0.6505(Higher BB).
• Support is seen at 0.6361(38.2%fib) and break below could take the pair towards 0.6333(Lower BB).
Recommendation: Good to buy around 0.6410 with stop loss of 0.6360 and target price of 0.6500
