AUD/USD Outlook (05 February 2020)

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended higher after the release of the hawkish interest rate statement by the Reserve Bank of Australia (RBA).
This morning, RBA Governor Phillip Lowe delivered a speech, highlighting that the RBA’s central forecast for the Australian economy is to expand by 2.75% over 2020 and 3.00% over 2021. These forecasts are higher than the current estimate of medium-term growth in Australia, confirming Governor Lowe’s view that the Australian economy is “passing through a turning point for the better”.
AUD/USD’s next support level is at 0.66800 and the next resistance level is at 0.68500.
Look for buying opportunities of AUD/USD.