Overall, AUD/USD is trending upwards. Recently, AUD/USD moved lower, breaking the support level of 0.64200.
The Reserve Bank of Australia will be announcing their interest rate decision tomorrow at 1230 (SGT).
It is expected that they will keep rate unchanged at 0.25%. With the declining number of cases, Australia is making good progress in the battle against COVID-19. Thus, RBA may not be as aggressive as last month in terms of easing measures while at the same time observing how the previous easing measures play out for the time being. Nonetheless, look into the rate statement if any new measures are being carried out.
Currently, AUD/USD is moving towards the resistance level of 0.64200 and the next support level is at 0.62800.
If AUD/USD bounces off the resistance level of 0.64200, look for short-term selling opportunities up until the rate decision tomorrow.
The Reserve Bank of Australia will be announcing their interest rate decision tomorrow at 1230 (SGT).
It is expected that they will keep rate unchanged at 0.25%. With the declining number of cases, Australia is making good progress in the battle against COVID-19. Thus, RBA may not be as aggressive as last month in terms of easing measures while at the same time observing how the previous easing measures play out for the time being. Nonetheless, look into the rate statement if any new measures are being carried out.
Currently, AUD/USD is moving towards the resistance level of 0.64200 and the next support level is at 0.62800.
If AUD/USD bounces off the resistance level of 0.64200, look for short-term selling opportunities up until the rate decision tomorrow.