AUD/USD Outlook (07 July 2020)
Overall, AUD/USD is ranging across. Recently, AUD/USD trended into the resistance zone of 0.70000.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1230 (SGT).
It is expected that the central bank will be holding interest rates unchanged at 0.25%. It is unlikely that the RBA will be carrying out any new easing measures for now as the previously carried out measures are working as intended. However, there was a spike in the number of new COVID-19 cases just last week. If the resurgence is not being contained in time, lockdown measures may return and the central bank may have to carry out more measures in the future.
Currently, AUD/USD is testing the resistance zone of 0.70000 and the next support zone is at 0.68200.
Look for buying opportunities of AUD/USD after the interest rate decision if the RBA express optimism in the recovery of the Australian economy.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1230 (SGT).
It is expected that the central bank will be holding interest rates unchanged at 0.25%. It is unlikely that the RBA will be carrying out any new easing measures for now as the previously carried out measures are working as intended. However, there was a spike in the number of new COVID-19 cases just last week. If the resurgence is not being contained in time, lockdown measures may return and the central bank may have to carry out more measures in the future.
Currently, AUD/USD is testing the resistance zone of 0.70000 and the next support zone is at 0.68200.
Look for buying opportunities of AUD/USD after the interest rate decision if the RBA express optimism in the recovery of the Australian economy.