ByJin Dao Tai
MAY 7, 2021
Overall, AUD/USD is trending upwards. Recently, AUD/USD tested but failed to breaks below the key level of 0.77.
Yesterday, tensions between Australia and China escalated after the latter suspended an economic dialogue with the former. The tit-for-tat move by China led to a temporary weakening of the Australian dollar.
The Australian Retail Sales m/m data (Forecast: TBA, Previous: 1.4%) will be released next Monday at 0930 (SGT).
AUD/USD’s next support zone is at 0.75500 and the next resistance zone is at 0.78000.
Look for short-term buying opportunities of AUD/USD up until the release of the U.S. Nonfarm Payrolls employment report later at 2030 (SGT).
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