ByJin Dao Tai
JUL 7, 2021
Overall, AUD/USD is trending downwards. Recently, AUD/USD trended down into the support zone of 0.75000.
During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) held interest rate unchanged at 0.10%. With regards to the bond purchase programme that is ending in early September, the central bank has decided to continue the purchase programme at a reduced rate of $4 billion a week until at least mid-November. The RBA has also acknowledged the stronger than earlier expected economic recovery in Australia. The reduction in bond purchases together with the hawkish tone from the central bank led to the strengthening of AUD.
Currently, AUD/USD is testing the support zone of 0.75000 and the next resistance zone is at 0.76500.
Look for short-term buying opportunities of AUD/USD it bounces off the support zone of 0.75000.
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