Overall, AUD/USD is trending upwards.
The Australian Retail Sales m/m data (Actual: 1.8%, Forecast: TBA, Previous: -4.4%) released yesterday indicated an increase in consumer spending.
The Reserve Bank of Australia (RBA) will be announcing their monetary policy decision later at 1130 (GMT+8). It is expected that the central bank will keep interest rate unchanged at 0.10%. Focus on RBA’s view on the economic recovery in Australia and whether the ongoing geopolitical tension between Russia and Ukraine will have an impact on the Australian economy.
The Australian GDP q/q data (Forecast: 3.0%, Previous: -1.9%) will be released tomorrow at 0830 (GMT+8).
AUD/USD’s next support zone is at 0.71000 and the next resistance zone is at 0.73000.
Look for short-term buying opportunities of AUD/USD.