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

•  AUD/USD hovered near multi month high on Friday as  investors looked ahead to trade developments tied to Trump’s looming tariff deadline.

• Investors are keeping a close eye on trade deal developments ahead of the looming July 9 tariff deadline, as nations rush to reach consensus under growing time pressure.

• On the data front, spotlight turns to Australia’sMay retail sales data due next week, which may underscore weakness in consumer spending and bolster expectations for a July rate cut..

•The figures are expected to offer a fresh reading on household consumption—a key engine of the Australian economy—and could prove pivotal in shaping expectations for the Reserve Bank of Australia’s next move.

•  Immediate resistance is located at 0.6560 (23.6%fib), any close above will push the pair towards 0.6581(Higher BB).

•  Support is seen at 0.6499(SMA20) and break below could take the pair towards 0.6457(38.2%fib).

 Recommendation: Good to buy  around 0.6520 with stop loss of 0.6400and target price of 0.6600