AUD/USD Outlook (05 March 2020)

Overall, AUD/USD is trending downwards. Recently, AUD/USD moved higher, breaking above the key level of 0.66.
The Australian Trade Balance data (Actual: 5.21B, Forecast: 4.80B, Previous: 5.22B) released earlier today was better than forecasted.
The Australian Retail Sales m/m data (Forecast: 0.0%, Previous: -0.5%) will be released tomorrow at 0830 (SGT).
If the released data is better than forecasted, AUD may strengthen.
AUD/USD’s next support level is at 0.64800 and the next resistance level is at 0.66800.
With the recent positive GDP and Trade Balance data, look for short-term buying opportunities of AUD/USD.