AUD/USD Outlook (05 August 2021)
Overall, AUD/USD is trending downwards. Recently, AUD/USD weakened and broke below the key level of 0.74 after the hawkish remarks on QE tapering sent out by FOMC committee members.
The Australian Retail Sales m/m data (Actual: -1.8%, Forecast: -1.8%, Previous: -1.8%) released yesterday indicated continued decline in consumer spending in June.
Reserve Bank of Australia (RBA) Governor Lowe will be testifying before the House of Representatives Standing Committee on Economics tomorrow at 0700 (GMT+8). During this time, there may be volatility in AUD.
The RBA will be releasing their quarterly monetary policy statement tomorrow at 0930 (GMT+8).
AUD/USD’s next support zone is at 0.73300 and the next resistance zone is at 0.75000.
Look for short-term selling opportunities of AUD/USD.
The Australian Retail Sales m/m data (Actual: -1.8%, Forecast: -1.8%, Previous: -1.8%) released yesterday indicated continued decline in consumer spending in June.
Reserve Bank of Australia (RBA) Governor Lowe will be testifying before the House of Representatives Standing Committee on Economics tomorrow at 0700 (GMT+8). During this time, there may be volatility in AUD.
The RBA will be releasing their quarterly monetary policy statement tomorrow at 0930 (GMT+8).
AUD/USD’s next support zone is at 0.73300 and the next resistance zone is at 0.75000.
Look for short-term selling opportunities of AUD/USD.