Overall, AUD/USD is trending upwards. Yesterday, the Reserve Bank of Australia (RBA) held interest rate unchanged at 0.25%. The central bank increased the size of the Term Funding Facility and has extended its availability until the end of June 2021. The Australian GDP q/q data (Actual: -7.0%, Forecast: -6.0%, Previous: -0.3%) released earlier today indicated a strong negative economic growth during the second quarter of 2020, putting the economy in recession after two consecutive quarters of negative growth. Currently, AUD/USD is bouncing off the resistance zone of 0.73700 and the next support zone is at 0.72500.
With the Australian economy now in recession, look for selling opportunities of AUD/USD .