FxWirePro: AUD/ USD loses momentum but bullish setup remains

• AUD/ USD   eased on Friday  as investors weighed security and trade implications of Donald Trump's return to the White House.

• Focus is also on the conclusion of China's week-long National People's Congress Standing Committee where investors are expecting further stimulus measures from Beijing.

•  Trump's victory in the U.S. presidential election has sparked concerns that his proposed tariffs, particularly those targeting China, could negatively affect economies that rely on China as their top trading partner.

• At GMT 05:52, the pair was trading down 0.35% at 0.6651 retreating from daily high 0.6680.

•   Immediate resistance is located at 0.6678 ( 50%fib), any close above will push the pair towards 0.6701 (Nov 7th high).

•  Strong support is seen at 0.6629(38.2%fib) and break below could take the pair towards 0.6600 (Psychological level).

 Recommendation: Good to buy  around 0.6640, with stop loss of 0.6580 and target price of 0.6690