AUD/USD Outlook (20 August 2021)
Overall, AUD/USD is trending downwards. Recently, AUD/USD continued to weakened due to the expectation that the U.S. Federal Reserve will be tapering quantitative easing this year. Also, the recent news that China is cutting back on steel production is having a negative impact of AUD.
The Australian employment data released yesterday indicated a slowdown in the growth of the job market in July while unemployment continued to decline.
The Australian Flash PMI data will be released next Monday at 0700 (GMT+8).
Currently, AUD/USD is testing the support zone of 0.72200 and the next resistance zone is at 0.73300.
Look for short-term selling opportunities of AUD/USD if it breaks the support zone of 0.72200.
The Australian employment data released yesterday indicated a slowdown in the growth of the job market in July while unemployment continued to decline.
- Employment Change (Actual: 2.2K, Forecast: -46.0K, Previous: 29.1K)
- Unemployment Rate (Actual: 4.6%, Forecast: 5.0%, Previous: 4.9%)
The Australian Flash PMI data will be released next Monday at 0700 (GMT+8).
- Flash Manufacturing PMI (Forecast: NA, Previous: 56.9 revised from 56.8)
- Flash Services PMI (Forecast: NA, Previous: 44.2)
Currently, AUD/USD is testing the support zone of 0.72200 and the next resistance zone is at 0.73300.
Look for short-term selling opportunities of AUD/USD if it breaks the support zone of 0.72200.