AUD/USD Outlook (05 August 2020)

FX:AUDUSD   Australian Dollar / U.S. Dollar
Overall, AUD/USD is trending upwards.

Yesterday, the Reserve Bank of Australia (RBA) held interest rates unchanged at 0.25%. The central bank announced that it will be begin to purchase Australian Government Securities (AGS) in the secondary market from today to ensure the consistency of the yield on 3-year bond. In response to the recent resurgence of COVID-19 in Victoria, the RBA highlighted that recovery of the Australian economy will be “uneven and bumpy”.

Currently, AUD/USD is moving towards the resistance zone of 0.72000 and the next support zone is at 0.69800.
Look for short-term selling opportunities of AUD/USD if it bounces off the resistance zone of 0.72000.


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