FxWirePro: AUD/USD uptrend loses steam, remains on bearish path

• AUD/USD edged higher  on Friday but gains were limited as risk sentiment deteriorated as escalating U.S.-Iran hostilities kept investors cautious.

• President Donald Trump on Thursday vowed "major military punishment" against Iran and its Houthi allies after the Yemen-based militant group attacked two Saudi oil tankers in the Red Sea, marking a sharp escalation in regional tension.

•  Trump warned that any further assaults on international shipping or U.S. allies would trigger a forceful military response, raising concerns that the conflict could broaden further.

• Traders will now turn their attention to Australia's second-quarter CPI report due on Wednesday, which is expected to play a crucial role in shaping RBA policy expectations..

•Markets  imply a 40% chance the RBA will lift the 4.35% cash rate in August, up from just 10% a few weeks ago, with a move by November almost fully priced.

•  Immediate resistance is located at 0.7029(Higher BB), any close above will push the pair towards 0.7053(50%fib).

•  Support is seen at 0.6960(50%fib) and break below could take the pair towards 0.6914(July 14th low).

 Recommendation: Good to sell  around 0.7000 with stop loss of 0.7050  and target price of 0.6950