is trending downwards. This morning, the Reserve Bank of Australia kept interest rate unchanged at 0.75%. AUD/USD
trended higher after the release of the slightly hawkish interest rate statement, stating that the recent cut in interest rate has “put downward pressure on the exchange rate”, stimulating economic activities in Australia.
The Australian GDP q/q data (Forecast: 0.5%, Previous: 0.5%) will be released tomorrow at 0830 (SGT).
If the released data is better than (or worse than) forecasted, the Australian dollar
may strengthen (or weaken) respectively.
AUD/USD’s next support level
is at 0.67700 and the next resistance level
is at 0.69200.
Look for short-term buying opportunities of AUD/USD
up until the release of the GDP data.