AUD/USD Outlook (06 March 2020)

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended lower into the key level of 0.66.
The Australian Retail Sales m/m data (Actual: -0.3%, Forecast: 0.0%, Previous: -0.7% revised from -0.5%) released was worse than forecasted.
Currently, AUD/USD is testing to break below the key level of 0.66. Its next support level is at 0.64800 and the next resistance level is at 0.66800.
The U.S. Non-Farm Employment data will be released later at 2130 (SGT). If the released data is overall positive and the USD strengthens, look for selling opportunities of AUD/USD if it is below the key level of 0.66.
If the released data is overall negative and the USD weakens, stay out of AUD/USD.