AUD/USD Outlook (24th May 2019)

• Three rate cuts on forecast
  
• AUD/USD testing key level
  

Price Movement
Since yesterday, AUD/USD moved up by around 40pips before moving back down by around 15pips.

Trend
AUD/USD is trending downwards.

Important Issue
This morning, Westpac announced that their expectation on RBA’s cash rate adjustment this year is three rate cuts, highlighting that “The June cut remains almost certain; a second in August is our expectation and the November cut should also proceed”, thus lowering the cash rate from 1.5% to 0.75%.

Technical
AUD/USD is testing the 0.69 key level.

Price Levels
Current Price: 0.68896
Next Resistance: 0.69573
Next Support: 0.68550