FxWirePro: AUD/USD up slightly, but bulls yet to take charge

• AUD/USD edged higher on Friday, as traders awaited a clearer narrative from global risk factors and Australia’s upcoming CPI print.

• President Trump’s two-week delay on a potential Iran strike left markets in suspense, as tensions flared with continued missile fire from both sides.

• Australia’s labour market showed resilience in May, as gains in full-time employment helped offset a slight decline in total jobs.

• In the absence of key data before next week, all eyes are on May’s CPI figures, which are likely to determine how the RBA navigates inflation risks going forward.

A mixed Australian employment report did little to shift market expectations, with a 75% chance still priced in for a 25-basis-point RBA rate cut in July.

•  Immediate resistance is located at 0.6546(23.6%fib), any close above will push the pair towards 0.6563(Higher BB).

•  Support is seen at 0.6437 (38.2%fib) and break below could take the pair towards 0.6410(LowerBB).

 Recommendation: Good to buy around 0.6490 with stop loss of 0.6400  and target price of 0.6560