AUDUSD - Short - Further Downside Potential

We still see AUDUSD going down and downward momentum is growing as the currency pair approaches 0.67. It has dropped in the past couple of days from 0.675 to 0.673 as AUD Private Capital Expenditure came in at -0.5% compared to 0.4% expected whilst US GDP came through at 2.5% vs 2.4% expected. This drop has occurred despite US/China trade relations somewhat easing re-enforcing our view that AUDUSD can drop further on the back of Australia potentially heading into recession.