AUD/USD Outlook (06 October 2020)
Overall, AUD/USD is ranging across.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1130 (SGT). Although there are speculations that the central bank will be cutting interest rate after RBA’s Deputy Governor Debelle highlighted its possibility in a speech last month, it is likely that the RBA will hold back on any potential changes in monetary policy until the November meeting as the country’s annual budget will be released later at 1630 (SGT). The holding back will allow the central bank to better assess the economic and pandemic situation before making any decision.
Currently, AUD/USD is testing the resistance zone of 0.71700 and the next support zone is at 0.69800.
Look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.71700.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1130 (SGT). Although there are speculations that the central bank will be cutting interest rate after RBA’s Deputy Governor Debelle highlighted its possibility in a speech last month, it is likely that the RBA will hold back on any potential changes in monetary policy until the November meeting as the country’s annual budget will be released later at 1630 (SGT). The holding back will allow the central bank to better assess the economic and pandemic situation before making any decision.
Currently, AUD/USD is testing the resistance zone of 0.71700 and the next support zone is at 0.69800.
Look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.71700.
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