AUD/USD Outlook (03 June 2020)
Overall, AUD/USD is trending upwards. Recently, AUD/USD trended higher, breaking the resistance zone of 0.68500.
During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) held interest rate unchanged at the effective lower bound of 0.25%. No new easing measures were carried out. Governor Lowe reiterated in the rate statement that the government bond markets are performing well and is ready to increase bond purchases if necessary.
The Australian GDP q/q data (Actual: -0.3%, Forecast: -0.4%, Previous: 0.5%) released earlier today indicated a negative growth during the first quarter of 2020.
G7 meetings will be held today. There may be volatility during the meetings.
The Australian Trade Balance data (Forecast: 7.50B, Previous: 10.60B) will be released tomorrow at 0930 (SGT).
AUD/USD’s next support zone is at 0.68500 and the next resistance zone is at 0.70200.
Look for short-term selling opportunities of AUD/USD.
During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) held interest rate unchanged at the effective lower bound of 0.25%. No new easing measures were carried out. Governor Lowe reiterated in the rate statement that the government bond markets are performing well and is ready to increase bond purchases if necessary.
The Australian GDP q/q data (Actual: -0.3%, Forecast: -0.4%, Previous: 0.5%) released earlier today indicated a negative growth during the first quarter of 2020.
G7 meetings will be held today. There may be volatility during the meetings.
The Australian Trade Balance data (Forecast: 7.50B, Previous: 10.60B) will be released tomorrow at 0930 (SGT).
AUD/USD’s next support zone is at 0.68500 and the next resistance zone is at 0.70200.
Look for short-term selling opportunities of AUD/USD.