AUD/USD Outlook (4 December 2019)

Overall, AUD/USD is trending downwards. This morning, the Australian dollar weakened after the worse than forecasted Australian GDP q/q data (Actual: 0.4%, Forecast: 0.5%, Previous: 0.5%) was released.
The Australian retail sales m/m data (Forecast: 0.3%, Previous: 0.2%) will be released tomorrow at 0830 (SGT).
If the data released is better than or as forecasted, the Australian dollar may strengthen.
AUD/USD’s next support level is at 0.67700 and the next resistance level is at 0.69200.
Look for short-term selling opportunities of AUD/USD as it is moving towards the key level of 0.68.