AUD/USD Outlook (3 December 2019)

FX:AUDUSD   Australian Dollar / U.S. Dollar
Overall, AUD/USD is trending downwards. This morning, the Reserve Bank of Australia kept interest rate unchanged at 0.75%. AUD/USD trended higher after the release of the slightly hawkish interest rate statement, stating that the recent cut in interest rate has “put downward pressure on the exchange rate”, stimulating economic activities in Australia.
The Australian GDP q/q data (Forecast: 0.5%, Previous: 0.5%) will be released tomorrow at 0830 (SGT).
If the released data is better than (or worse than) forecasted, the Australian dollar may strengthen (or weaken) respectively.
AUD/USD’s next support level is at 0.67700 and the next resistance level is at 0.69200.
Look for short-term buying opportunities of AUD/USD up until the release of the GDP data.
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