AUD/USD Outlook (06 May 2020)
Overall, AUD/USD is trending upwards. Recently, AUD/USD moved lower into the support level of 0.64200.
The Australian Trade Balance data (Forecast: 6.40B, Previous: 4.36B) will be released tomorrow at 0930 (SGT).
If the released figure is higher than or as forecasted, indicating that Australia’s export level is higher than import level, AUD may strengthen.
Currently, AUD/USD is testing the support level of 0.64200 and the next resistance level is at 0.65500.
Look for short-term buying opportunities of AUD/USD if it bounces off the support level of 0.64200 up until the release of the trade balance data.
The Australian Trade Balance data (Forecast: 6.40B, Previous: 4.36B) will be released tomorrow at 0930 (SGT).
If the released figure is higher than or as forecasted, indicating that Australia’s export level is higher than import level, AUD may strengthen.
Currently, AUD/USD is testing the support level of 0.64200 and the next resistance level is at 0.65500.
Look for short-term buying opportunities of AUD/USD if it bounces off the support level of 0.64200 up until the release of the trade balance data.
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