AUD/USD Outlook (24 July 2020)

Overall, AUD/USD is trending upwards. Recently, AUD/USD moved lower and bounced up from the key level of 0.71.

The Australian flash PMI data released earlier today indicated a faster rate of growth of the manufacturing and services industry in July.

• Flash Manufacturing PMI (Actual: 53.4, Forecast: NA, Previous: 51.2 revised from 49.8)
  
• Flash Services PMI (Actual: 58.5, Forecast: NA, Previous: 53.1 revised from 53.2)
  

Currently, AUD/USD is testing to break below the key level of 0.71. Its next support zone is at 0.69800 and the next resistance zone is at 0.71800.
Look for short-term buying opportunities of AUD/USD if it bounces up from the key level of 0.71.