"The first stop will be $0.80 and the next stop $0.75. Sell it while you still can with an '8' in front of it," he added.
Boris Schlossberg, managing director of FX Strategy at BK Asset Management agreed monetary easing would spell further trouble for the currency.
Read MoreAustralia headed into perfect storm in 2015
"Rate cut definitely erodes the Aussie value especially if U.S. eventually starts to hike and the rate differential narrows. The [pair] could drop to $0.80 if a rate cut looks imminent," he said.
Australia's anemic growth in the third quarter has given rise to expectations that the Reserve Bank of Australia (RBA) will soon lower borrowing costs, which have been kept at a record low of 2.50 percent since August 2013.
The economy expanded 2.7 percent on year, undershooting expectations for growth of 3.1 percent, as construction spending fell, while sliding export prices hit incomes.
Read MoreAustralia holds rates as speculation mounts for cuts
Following the gross domestic product data, Goldman Sachs changed its Australia's rate outlook, calling for a 25 basis point rate cut in both March and August. It previously expected rates to remain on hold.
"The rationale for a cut is strong in our view," Tim Toohey, head of Macro Research in Australia and New Zealand at Goldman Sachs wrote in a note, citing a benign inflation outlook, rising unemployment and stalling growth among other factors.
The bank also lowered its forecasts for the Australian dollar to $0.83, $0.81 and $0.79 on a 3, 6 and 12-month basis. It previously forecast the Aussie at$0.82 on a 12-month horizon.