• AUD/USD steadied on Wednesday as higher commodities prices and softer dollar supported Australian dollar.
• The U.S. dollar has weakened following the release of April's Consumer Price Index (CPI) data, which showed inflation rising at a slower pace than anticipated.
• Commodity prices rose, with iron ore hitting a two-week high and copper reaching its highest level in six weeks.
• This surge was primarily driven by a temporary easing of trade tensions between the United States and China, coupled with a weakening U.S. dollar..
• At GMT 05:00, the Australia dollar was up 0.13% to 0.6414 against the US dollar.
• Immediate resistance is located at 0.6491(38.2%fib), any close above will push the pair towards 0.6513(Higher BB).
• Support is seen at 0.6385(50%fib) and break below could take the pair towards 0.6319(Lower BB).
Recommendation: Good to buy around 0.6470 with stop loss of 0.6400 and target price of 0.6550
