ByJin Dao Tai
AUG 3, 2021
Overall, AUD/USD is trending downwards. Recently, AUD/USD rejected the support zone of 0.73300.
The Reserve Bank of Australia (RBA) will be announcing their monetary policy decision later at 1230 (GMT+8). The central bank is expected to keep monetary policy unchanged. However, due to the recent spike in COVID cases in Australia due to the Delta variant, the RBA may be holding back their plan on quantitative easing tapering that was announced back in July’s meeting. Doing so will allow the central bank to observe the COVID situation for now and decide if a tapering is warranted.
AUD/USD’s next support zone is at 0.73300 and the next resistance zone is at 0.75000.
If the RBA sends out a dovish tone during their announcement later, look for short-term selling opportunities of AUD/USD if it breaks the support zone of 0.73300.
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