• GBP/AUD ticked higher on Tuesday soured risk sentiment and broader commodity weakness added pressure on Australian dollar
• Gold eased as the dollar firmed. U.S. gold futures for June delivery settled 1% lower at $4,511.20. Oil prices slipped more than 1%, but remained above $100 a barrel.
• Geopolitical tensions remain elevated as U.S. President Donald Trump reiterated threats against Iran, stating the country was “begging” for a deal.
•. RBA minutes showed policymakers debated holding rates steady or hiking 25 bps to 4.35% at the May meeting.
• Markets are pricing in around a 75% chance of another rate hike in August, with interest rates expected to peak near 4.60% and some risk of rising as high as 4.85%.
• Immediate resistance is located at 1.8907 (38.2%fib), any close above will push the pair towards 1.9120(Higher BB).
• Immediate support is seen at 1.8803 (SMA 20) and break below could take the pair towards 1.8555 (23.6%fib).
Recommendation: Good to sell around 1.8910 with stop loss of 1.9050 and target price of 1.8850
