AUD/USD Outlook (04 March 2020)

Overall, AUD/USD is trending downwards. Recently, AUD/USD moved higher, tested but failed to break above the key level of 0.66 after the U.S. Federal Open Market Committee announced an emergency interest rate cut of 0.50%, causing a weakness in USD.
The Australian GDP q/q data (Actual: 0.5%, Forecast: 0.4%, Previous: 0.6% revised from 0.4%) released earlier today was better than forecasted and AUD/USD strengthened as a result.
The Australian Trade Balance data (Forecast: 4.80B, Previous: 5.22B) will be released tomorrow at 0830 (SGT).
If the released data is worse than forecasted, AUD may weaken.
Currently, AUD/USD is testing to break above the key level of 0.66. Its next support level is at 0.64800 and the next resistance level is at 0.66800.
Look for short-term buying opportunities of AUD/USD if it breaks above the key level of 0.66.