AUD/USD Outlook (13 August 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD bounced off the support zone of 0.71000.

The Australian employment data released earlier today indicated that lesser jobs were added in July and that unemployment rate rose slightly.

• Employment Change (Actual: 114.7K, Forecast: 30.0K, Previous: 228.4K revised from 210.8K)
  
• Unemployment Rate (Actual: 7.5%, Forecast: 7.8%, Previous: 7.4%)
  

Reserve Bank of Australia Governor Philip Lowe will be testifying before the House of Representatives’ Standing Committee on Economics tomorrow at 0730 (SGT). During this time, volatility is expected of AUD.

AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.72200.
With the poor Australian employment data, look for short-term selling opportunities of AUD/USD.