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FxWirePro: AUD/USD runs out of steam but maintains bullish outlook

• AUD/USD edged lower on Thursday as the greenback strengthened as investors focused on signs the trade war may be cooling down.

• Trump said Wednesday he sees potential trade deals with India, South Korea, and Japan, and a strong chance of a deal with China.

• The U.S. economy shrank in Q1 FY2025 for the first time in three years, as businesses rushed imports ahead of Trump’s expected tariffs.

• The dollar has struggled in the trade war due to Trump's shifting tariffs, which hurt growth outlook and investor confidence.

• Markets await Friday's non-farm payrolls report for clues on the Fed's policy direction.

•  Immediate resistance is located at 0.6444(38.2%fib), any close above will push the pair towards 0.6537(23.6%fib).

•  Support is seen at 0.6389(Daily  low) and break below could take the pair towards 0.6355(50%fib).

 Recommendation: Good to buy around 0.6390 with stop loss of 0.6320 and target price of 0.6480

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