• AUD/USD traded in tight range on Friday as investors looked ahead to US-China trade talks.
• China is confident in managing U.S. trade issues, Vice Foreign Minister Hua Chunying said ahead of tariff talks in Switzerland.
• The meeting is expected to focus on resolving mutual concerns over the tariffs both nations have imposed on each other in recent years, which have strained bilateral relations and disrupted global trade flows.
• Officials from both sides will likely explore ways to ease tensions, find common ground on key trade issues, and potentially lay the groundwork for a broader agreement aimed at stabilizing economic ties between the world’s two largest economies.
• At GMT 04:44, the Australian dollar was up 0.10% to 0.6405 against the greenback.
• Immediate resistance is located at 0.6462(May 8th high), any close above will push the pair towards 0.6495(23.6%fib).
• Support is seen at 0.6379(38.2%fib) and break below could take the pair towards 0.6306(Lower BB).
Recommendation: Good to buy around 0.6400 with stop loss of 0.6360 and target price of 0.6500
