AUD/USD Outlook (07 October 2020) for FX:AUDUSD by Jin_LCMSTraders — TradingView


Overall, AUD/USD is ranging across. Recently, AUD/USD weakened and rejected the resistance zone of 0.71700 due to the announcement made by the Australian Treasury and the risk-off view of the market after President Trump announced the stopping of the negotiation of the COVID-19 stimulus bill.

Yesterday, the Reserve Bank of Australia kept monetary policy unchanged.

During the annual budget release yesterday, Australia’s treasurer Josh Frydenberg highlighted that the country’s net debt will increase to $703 billion, equivalent to 36% of GDP this year.

AUD/USD’s next support zone is at 0.69800 and the next resistance zone is at 0.71700.

Look for short-term selling opportunities of AUD/USD up until the release of the monetary policy meeting minutes by the Federal Reserve tomorrow at 0200 (SGT).


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