AUD/USD Outlook (27 November 2019)

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended lower after Westpac announced this morning that they now expect two interest rate cuts from the Reserve Bank of Australia (RBA) in 2020, once in February and once in June, thus bringing the interest rate to 0.25%. Also, Westpac expects the RBA to start Quantitative Easing in the second half of 2020.
The Australian construction work done q/q data (Actual: -0.4%, Forecast: -1.0%, Previous: -2.8% revised from -3.8%) released this morning was better than forecasted.
Currently, AUD/USD is testing the support level of 0.67900 and the next resistance level is at 0.69100.
Given the bearish outlook from Westpac, look for selling opportunities of AUD/USD after it breaks the support level.