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

• AUD/USD eased   on Tuesday    as markets reacted to the RBA Minutes and a surprise contraction in China’s Caixin Manufacturing PMI data.

•   Australia’s central bank warned on Tuesday that higher U.S. tariffs could hurt global growth and lower traded goods prices in the near term, though the full impact remains uncertain due to policy unpredictability.

•RBA’s Sarah Hunter, speaking in Brisbane, said the bank is closely monitoring global trade policy, noting that rising uncertainty may dampen investment, output, and jobs.

•China's factory activity contracted in May for the first time in eight months, with the Caixin/S&P Global Manufacturing PMI dropping to 48.3 from 50.4 in April, below expectations.

• Meanwhile, Australia's current account deficit narrowed to A$14.7 billion in Q1, down from a revised A$16.3 billion in the previous quarter, according to ABS data released Tuesday.

•  Immediate resistance is located at 0.6515(Higher BB), any close above will push the pair towards 0.6549(23.6%fib).

•  Support is seen at 0.6446(38.2%fib) and break below could take the pair towards 0.6360(50%fib).

 Recommendation: Good to buy around 0.6450 with stop loss of 0.6360  and target price of 0.6560