AUDNZD – Ahead of the RBA, Looking Bearish
Five hours and counting to the RBA rate decision, and the AUD is looking quite weak vs. its antipodean partner the Kiwi. The pair has virtually formed a triple touch off the key level at 1.1200, with each subsequent bounce getting weaker. Yesterday the pair formed an inverted pin bar, which is a failed attempt to rally (albeit an attempt nonetheless). The last rejection was off the 20ema which hemmed the upside, which is interesting being so close to a key level.
This suggests sellers are willing to sell close to a major support level, meaning they likely plan to attack and break it. If within the next 24-48 hours, …... Keep reading