AUD/USD Outlook (05 August 2021)
ByJin Dao Tai
AUG 5, 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.
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
No comment on record. Start new comment.