• AUD/USD edged lower on Friday as investor concerns over tariff uncertainty and the escalating U.S.-China trade war led to a retreat from riskier assets..
•Markets got a brief break Wednesday as Trump paused tariffs for 90 days on several countries. Still, his growing trade war with China has stoked recession fears and talk of more retaliation.
• A week of turmoil triggered by President Trump’s tariffs continued with no relief in sight by Friday.
•Markets expect the Reserve Bank of Australia (RBA) to cut its 4.10% cash rate by 25 basis points on May 18 .
• At GMT 05:45, the Australian dollar was trading higher 0.40% at $0.6197 against US dollar.
• Immediate resistance is located at 0.6250(61.8%fib), any close above will push the pair towards 0.6335(April 4th high).
• Support is seen at 0.6146(50%fib) and break below could take the pair towards 0.6047(38.2%fib).
Recommendation: Good to buy around 0.6170 with stop loss of 0.6120 and target price of 0.6250
