FxWirePro:AUD/USD uptrend gains some momentum but hurdles ahead

• AUD/USD pair recovered some ground on Tuesday, as bargain hunting provided some support for the Australian dollar.

• Despite the short-term recovery, the outlook for AUD/USD remains bearish. The ongoing strength of the U.S. dollar, coupled with concerns about the Australian economy, is likely to limit any sustained gains.

• The Australian dollar’s trajectory will depend on global risk sentiment, commodity prices, and any shifts in monetary policy from both the RBA and the Federal Reserve in 2025.

• At GMT 05:15, The Australian dollar  was last  trading up 0.45% to $0.6216.  

•  Immediate resistance is located at 0.6242(Dec 30th high), any close above will push the pair towards 0.6282(38.2%fib).

•  Support is seen at 0.6184 (23.6%fib) and break below could take the pair towards 0.6132(Lower BB).

 Recommendation: Good to sell around 0.6240, with stop loss of 0.6300 and target price of 0.6160