AUD/USD Outlook (05 October 2021)
Overall, AUD/USD is trending downwards. Recently, AUD/USD tested but failed to break above the key level of 0.73.
The Australian Retail Sales m/m data (Actual: -1.7%, Forecast: -1.7%, Previous: -1.7%) released earlier today indicated continued decline in consumer spending in August.
The Reserve Bank of Australia (RBA) will be announcing their monetary policy later at 1130 (GMT+8). The central bank is expected to keep monetary policy unchanged. No quantitative easing (QE) tapering is expected from the RBA as the central bank’s next QE evaluation is on February 2022.
Currently, AUD/USD is moving towards the key level of 0.73. Its next support zone is at 0.72200 and the next resistance zone is at 0.73300.
With the expectation of no change in monetary policy, if the RBA sends out any pessimistic tone on the ongoing economic recovery, look for short-term selling opportunities of AUD/USD if it bounces down from the key level of 0.73.
The Australian Retail Sales m/m data (Actual: -1.7%, Forecast: -1.7%, Previous: -1.7%) released earlier today indicated continued decline in consumer spending in August.
The Reserve Bank of Australia (RBA) will be announcing their monetary policy later at 1130 (GMT+8). The central bank is expected to keep monetary policy unchanged. No quantitative easing (QE) tapering is expected from the RBA as the central bank’s next QE evaluation is on February 2022.
Currently, AUD/USD is moving towards the key level of 0.73. Its next support zone is at 0.72200 and the next resistance zone is at 0.73300.
With the expectation of no change in monetary policy, if the RBA sends out any pessimistic tone on the ongoing economic recovery, look for short-term selling opportunities of AUD/USD if it bounces down from the key level of 0.73.