AUD/USD Outlook (04 August 2021)
Overall, AUD/USD is trending downwards.
During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) held monetary policy unchanged. Despite the market’s expectation that the central bank will be putting quantitative easing tapering on hold, the RBA did not do so and will continue to carry out the tapering in September as announced during the previous meeting. This led to the short-term strengthening of AUD.
The Australian Retail Sales m/m data (Forecast: -1.8%, Previous: -1.8%) will be released later at 0930 (GMT+8).
Currently, AUD/USD is testing to break above the key level of 0.74. Its next support zone is at 0.73300 and the next resistance zone is at 0.75000.
Look for short-term buying opportunities of AUD/USD if it breaks above the key level of 0.74.
During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) held monetary policy unchanged. Despite the market’s expectation that the central bank will be putting quantitative easing tapering on hold, the RBA did not do so and will continue to carry out the tapering in September as announced during the previous meeting. This led to the short-term strengthening of AUD.
The Australian Retail Sales m/m data (Forecast: -1.8%, Previous: -1.8%) will be released later at 0930 (GMT+8).
Currently, AUD/USD is testing to break above the key level of 0.74. Its next support zone is at 0.73300 and the next resistance zone is at 0.75000.
Look for short-term buying opportunities of AUD/USD if it breaks above the key level of 0.74.