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FxWirePro: AUD/USD retreats from six month high but trend is still bullish

•   AUD/USD retreated from  six month high on Tuesday    as investors attention shifted to     high-impact economic data and fresh trade developments.

• Markets remained focused on US fiscal developments and changing tariff policies under the Trump administration.

• Australian monthly inflation data is   due on Wednesday and analysts are expecting the monthly rate to have eased to 2.3% in April from 2.4% the previous month.

•Investors focus  this week will also be on Friday's U.S. core PCE price index, for clues on the outlook for U.S. rates.

•Markets now assign a 67% chance of an RBA rate cut in July, with 80 basis points of total easing expected by early next year.

•  Immediate resistance is located at 0.6499(38.2%fib), any close above will push the pair towards 0.6542(May 26th high).

•  Support is seen at 0.6455(SMA 9) and break below could take the pair towards 0.6395(50%fib).

 Recommendation: Good to buy around 0.6450 with stop loss of 0.6370  and target price of 0.6530

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