AUD/USD Outlook (24th July 2019)

• Westpac brings forward RBA’s rate cut forecast
  
• AUD/USD broke support level
  

Price Movement
Since yesterday, AUD/USD moved down by around 50pips.

Trend
Recently, AUD/USD is trending downwards.

Important Issue
Westpac Banking Corp brought forward the timing of their forecast of the next RBA’s rate cut from November to October, saying that the unemployment forecast is going to challenge the RBA.

Technical
AUD/USD broke the support level of 0.70250.

Price Levels
Current Price: 0.69799
Next Resistance: 0.70250
Next Support: 0.68500