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    Market analysis AUD/USD Outlook (22 September 2020)

    Related product:Forex
    Market analysis:Overall, AUD/USD is ranging across. Recently, AUD/USD trended downwards and broke the support zone of 0.72500 after a strengthening in USD due to an increase in demand caused by a strong sell-off in various stock markets.

    Earlier today, Reserve Bank of Australia Deputy Governor Debelle said in a speech that a lower AUD exchange rate will benefit the Australian economy. Also, the central bank is assessing other monetary policy easing tools, among which is further interest rate cut into the negative level although Debelle also highlighted that the empirical evidence on negative interest rate is mixed. AUD/USD weakened as a result.

    The Australian flash PMI data will be released tomorrow at 0700 (SGT).
    -Flash Manufacturing PMI (Forecast: NA, Previous: 53.6 revised from 53.9)
    -Flash Services PMI (Forecast: NA, Previous: 49.0 revised from 48.1)

    AUD/USD’s next support zone is at 0.72500 and the next resistance zone is at 0.73800.
    Look for selling opportunities of AUD/USD.

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