FxWirePro: AUD/USD slips below 0.7050 level as upward momentum stalls

• AUD/USD  eased on Friday  as escalating tensions in the Middle East rattled investors and heightened risk aversion.

•  Markets remained tense as Iran ramped up attacks and vowed to keep the Strait of Hormuz closed, raising oil supply fears.

• Brent crude surged above $100 a barrel, marking its first close above this level since August 29, 2022, amid heightened geopolitical tensions.

• The Reserve Bank of Australia’s monetary policy meeting is due on March 16–17 is anticipated to see a 25-basis-point rate hike to 4.10%, in line with market expectations.

•  Investors are eyeing the U.S. Q4 GDP update and January Core PCE data, with Reuters polls expecting a 0.4% month-on-month rise, which could influence Fed policy expectations.

•  Immediate resistance is located at 0.7095 (Daily high), any close above will push the pair towards 0.7167 (23.6%fib).

•  Support is seen at 0.7056 (38.2%fib) and break below could take the pair towards 0.7012(Lower BB)

Recommendation: Good to sell around 0.7060 with stop loss of 0.7100, and target price of 0.6960