AUD/USD Outlook (18 February 2020)

Overall, AUD/USD is trending downwards. Recently, AUD/USD trended lower after the release of the dovish monetary policy minutes. In the minutes, the Reserve Bank of Australia (RBA) expected that the effects of the coronavirus outbreak will “subtract from growth in exports over the first half of 2020”. Also, the members of RBA observed that slow growth in income is expected to carry on weighing on consumption in the next few quarters.
Currently, AUD/USD is testing the support level of 0.66800 and the next resistance level is at 0.68500.
With the dovish outlook from the RBA, look for selling opportunities if AUD/USD were to break the support level of 0.66800.