AUDUSD - Still Short Despite Failure to break Key Support

We still see AUDUSD moving lower despite it failing to break key support at 0.685 over the past few trading sessions even though it had significant downward momentum. The Australian dollar has strengthened largely on the back of positive Chinese economic data and optimism surrounding a trade deal being signed tomorrow. However, the anticipation that the RBA will cut rates further and undertake QE this year could see the currency pair challenge 0.67 once again in the coming weeks.