AUD/USD Outlook (08 January 2020)

Overall, AUD/USD is moving across. Recently, AUD/USD trended lower, breaking the support level of 0.69200.
The Australian building approvals m/m data (Actual: 11.8%, Forecast: 2.1%, Previous: -8.1%) released was way better than forecasted but the positive news was overshadowed by the risk-off mentality of market participants after news of missile strike being carried out on U.S. base in Iraq was released.
The Australian trade balance data (Forecast: 4.10B, Previous: 4.50B) will be released tomorrow at 0830 (SGT).
If the released data is worse than or as forecasted, the Australian dollar may weaken.
AUD/USD’s next support level is at 0.67700 and the next resistance level is at 0.69200.
Stay out of AUD/USD for now.