AUD/USD Outlook (06 July 2020)
Overall, AUD/USD is ranging across.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision tomorrow 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.
AUD/USD’s next support zone is at 0.68200 and the next resistance zone is at 0.70000.
Look for short-term buying opportunities of AUD/USD up until the release of the U.S. ISM Non-Manufacturing PMI data at 2200 (SGT).
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision tomorrow 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.
AUD/USD’s next support zone is at 0.68200 and the next resistance zone is at 0.70000.
Look for short-term buying opportunities of AUD/USD up until the release of the U.S. ISM Non-Manufacturing PMI data at 2200 (SGT).