AUD/USD Outlook (01 September 2020)
Overall, AUD/USD is trending upwards.
The Australian Building Approvals m/m data (Actual: 12.0%, Forecast: -0.9%, Previous: -4.2% revised from -4.9%) released earlier today indicated an increase in the number of building approvals in July, the first increase in five months ever since the pandemic hit.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1230 (SGT). It is widely expected that the central bank will be holding interest rate unchanged at 0.25%. However, due to the return of the lockdown measures in Victoria, the RBA may highlight the need for more monetary policy easing measures to be carried out.
The Australian GDP q/q data (Forecast: -6.0%, Previous: -0.3%) will be released tomorrow at 0930 (SGT).
Currently, AUD/USD is testing the resistance zone of 0.73700 and the next support zone is at 0.72500.
If the RBA downplays the severity of the negative impact caused by Victoria’s lockdown, look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.73700.
The Australian Building Approvals m/m data (Actual: 12.0%, Forecast: -0.9%, Previous: -4.2% revised from -4.9%) released earlier today indicated an increase in the number of building approvals in July, the first increase in five months ever since the pandemic hit.
The Reserve Bank of Australia (RBA) will be announcing their interest rate decision later at 1230 (SGT). It is widely expected that the central bank will be holding interest rate unchanged at 0.25%. However, due to the return of the lockdown measures in Victoria, the RBA may highlight the need for more monetary policy easing measures to be carried out.
The Australian GDP q/q data (Forecast: -6.0%, Previous: -0.3%) will be released tomorrow at 0930 (SGT).
Currently, AUD/USD is testing the resistance zone of 0.73700 and the next support zone is at 0.72500.
If the RBA downplays the severity of the negative impact caused by Victoria’s lockdown, look for buying opportunities of AUD/USD if it breaks the resistance zone of 0.73700.