AUD/USD Outlook (04 May 2021)
Overall, AUD/USD is trending upwards.
The Reserve Bank of Australia (RBA) will be announcing their monetary policy later at 1230 (SGT). It is expected that the central bank will be holding interest rate unchanged at 0.10% while no changes will be made to QE as its second round of government bond purchase programme has just started recently. Nonetheless, pay attention on whether the RBA will still be continuing or make any changes to the third round of government bond purchase programme that is expected to start in August.
The Australian Building Approvals m/m data (Forecast: 2.9%, Previous: 21.6%) will be released tomorrow at 0930 (SGT).
Currently, AUD/USD is moving towards the resistance zone of 0.78000 and the next support zone is at 0.75500.
If the RBA expressed signs of hawkishness and that AUD/USD breaks above the resistance zone of 0.78000, look for buying opportunities.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-