AUD/USD Outlook (04 May 2021)

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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.

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