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    Market analysis AUD/USD Outlook (23 September 2020)

    Related product:Forex
    Market analysis:Overall, AUD/USD is ranging across. Recently, AUD/USD trended downwards, breaking below the key level of 0.72.

    Earlier today, it was reported that Westpac economists expect the Reserve Bank of Australia (RBA) to cut its interest rate from 0.25% to 0.10% during their next monetary policy meeting on 6 October, causing AUD/USD to weaken.

    The Australian flash PMI data released earlier today indicated an increase in business activities in both the services and manufacturing sectors.
    -Flash Manufacturing PMI (Actual: 55.5, Forecast: NA, Previous: 53.6 revised from 53.9)
    -Flash Services PMI (Actual: 50.0, Forecast: NA, Previous: 49.0 revised from 48.1)

    AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.72500.
    Look for short-term selling opportunities of AUD/USD up until Fed Chair Powell’s testification at 2200 (SGT).

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    Jin_Forex
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