AUD/USD Outlook (7th February 2019)

• AUD/USD broke support levels
  
• Future rate cut possible from Australian Central Bank
  

Price Movement
Since 1st February, AUD/USD has moved downwards by around 150pips.

Trend
AUD/USD is currently on a downtrend.

Macro Background
Yesterday, at the National Press Club in Sydney, RBA governor Philip Lowe highlighted that the chance of an interest rate cut is more likely than it used to be, resulting in the weakening of the Australian dollar and AUD/USD dropped for more than 100pips.

Important Issue
None.

Technical
Upon mentioning that future rate cut is more likely than before, AUD/USD went bearish and broke the support level of 0.72088 and eventually broke the support level of 0.71339.

Price Levels
Current Price: 0.71019
Next Resistance: 0.71339
Next Support: 0.70548