AUD/USD Outlook (03 March 2020)

Overall, AUD/USD is trending downwards. Recently, AUD/USD tested but failed to break the resistance level of 0.65500.
Earlier today, the Reserve Bank of Australia (RBA) cut interest rate from 0.75% to 0.50% to support employment and economic activities amid the coronavirus outbreak.
The RBA acknowledged that the coronavirus outbreak is having a “significant effect” on the Australian economy at the moment especially in the education and travel sectors. Nonetheless, the RBA expects the Australian economy to recover and improve once coronavirus is contained.
Finally, the RBA will be monitoring the development of the outbreak closely and is ready to ease monetary policy further to provide additional support to the Australian economy if necessary.
G7 meetings will be held today to discuss on the measures to deal with the economic impact of the coronavirus outbreak.
Currently, AUD/USD’s next support level is at 0.64800 and the next resistance level is at 0.66800.
Stay out of AUD/USD for now.