AUD/NZD Price Analysis: Bears in control ahead of RBA
|- AUD/NZD traders are attacking the daily and 4-hour support.
- The RBA is on the cards for later today as a major risk event.
AUD/NZD is under pressure ahead of the Reserve Bank of Australia today.
From a technical perspective, there are prospects of a downside continuation and the following illustrates this in regard to the market structure on both the daily and 4-hour time frames:
Daily chart
The daily chart is showing that the price has corrected a significant portion of the bearish impulse.
At this juncture, there are expectations of an onward move to the downside to break into fresh territories.
4-hour chart
From a 4-hour perspective, the bears are taking on support in 1.0540 which could equate to a sell-off from the prior structure.
Or, the more conservative bears will want to see a break of support in 1.0540 before committing:
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