• AUD/USD slipped slightly on Tuesday as investors awaited key U.S. economic data to gauge the Federal Reserve’s policy direction.
• Investors are bracing for a busy week of U.S. reports, which could offer early clues on the economic impact of the trade war.
• Markets are closely watching Friday’s jobs report, with first-quarter growth estimates and core PCE data the Fed’s preferred inflation measure set to be released beforehand.
• Meanwhile, The RBA is expected to cut rates by 25 basis points in May amid rising global economic risks and new US tariffs.
• At GMT 05: 22, The Australian dollar was last trading down 0. 27% to 0.6413
• Immediate resistance is located at 0.6433 (23.6%fib), any close above will push the pair towards 0.6577 (Higher BB).
• Support is seen at 0.6372 (April 28th low) and break below could take the pair towards 0.631 6 (38.2 %fib).
Recommendation: Good to buy around 0.6400 with stop loss of 0.6320 and target price of 0.6480
