AUD/USD Outlook (02 March 2020)
Overall, AUD/USD is trending downwards. Recently, AUD/USD trended lower, breaking the support level of 0.65500. This morning, AUD/USD gapped downwards by around 40pips after the release of the poor PMI figures over the weekend. Manufacturing activities in China plunges to an all-time low and its non-manufacturing sector contracted as well.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision tomorrow at 1130 (SGT).
It is forecasted that the RBA will be cutting interest rate from 0.75% to 0.50% since the Chinese manufacturing sector is performing very badly which will have a negative impact on the Australian economy.
Currently, AUD/USD is moving towards the resistance level of 0.65500 and the next support level is at 0.63236.
Look for short-term selling opportunities of AUD/USD if the RBA decides to cut interest rate.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision tomorrow at 1130 (SGT).
It is forecasted that the RBA will be cutting interest rate from 0.75% to 0.50% since the Chinese manufacturing sector is performing very badly which will have a negative impact on the Australian economy.
Currently, AUD/USD is moving towards the resistance level of 0.65500 and the next support level is at 0.63236.
Look for short-term selling opportunities of AUD/USD if the RBA decides to cut interest rate.