Daily Forex Analysis - AUD & NZD Currency Analysis (02 Aug)

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Currency Call Mid-Day Update (02 August 2021)

During today’s Currency Call, Gim Hong highlighted the following points:

- Reserve Bank of Australia (RBA) may be holding back on QE tapering due to the recent spike in COVID cases during the monetary policy meeting tomorrow.

- Doing so allows the RBA to have more time to evaluate the COVID situation and decide if QE tapering should be adopted.

- The RBA may also increase QE amount although that may seem a bit aggressive.

Scott highlighted the following points:

- The U.S. dollar index is currently trading around the 92 level.

- Wait for the release of the U.S. ISM Manufacturing PMI data later at 2200 (GMT+8) and see how the dollar index reacts to it before looking for trade opportunities.

Jin highlighted the following points:

- Wait for AUD/USD to test and reject the 0.74 level before looking for selling opportunities below the 0.7388 level.

- Wait for NZD/USD to test and reject the 0.7013 level before looking for selling opportunities.

During the day, AUD/USD and NZD/USD strengthened slightly.

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