• AUD/USD slipped lower on Friday as traders trimmed risk exposure heading into the month-end and in anticipation of the upcoming Reserve Bank of Australia (RBA) policy meeting
• Risk aversion comes as market participants adjust their positions, preparing for potential policy updates or signals from the RBA.
• The Reserve Bank of Australia will announce its rate decision on Tuesday, with no change to the official cash rate (OCR) expected.
• Investors are watching the release of the U.S. Personal Consumption Expenditures (PCE) Index later on Friday, the Fed's preferred inflation gauge. A 0.3% month-on-month increase is expected
• At GMT 06:05, The Australian dollar was last trading up 0.26% to $0.6288
• Immediate resistance is located at 0.6330 (38.2%fib), any close above will push the pair towards 0.6402(23.6%fib).
• Support is seen at 0.6275(50%fib) and break below could take the pair towards 0.6215(61.8%fib).
Recommendation: Good to buy around 0.6240, with stop loss of 0.6180 and target price of 0.6330
