AUD/NZD Retests Resistance Ahead of RBA Rate Decision
The AUD/NZD currency pair has recently broken through a key support level and is now being retested as a resistance level . This development comes just before the RBA interest rate decision, which is expected to result in a 25-point increase. However, traders should keep an eye out for signs that the central bank is taking a more dovish stance or downplaying the current terminal rate, which could put downside pressure on the AUD.
In light of recent negative economic data for the AUD, a shift away from a hawkish stance could exacerbate this downward trend. From a technical standpoint, if the AUD/NZD breaks below 1.0855 and maintains this level, it could be a good opportunity to sell this currency pair.