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, there is no meaningful bounce off the 1.12 major level, then I suspect a break to the downside is on deck, which would put pressure on 1.1000 which is ~200 pips below, so tremendous profit potential on a breakout retest setup.
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AUDNZD Potential Breakout To 5 Year Lows
Published 10/01/2013, 07:22 AM
Updated 05/14/2017, 06:45 AM
AUDNZD Potential Breakout To 5 Year Lows
AUDNZD – Ahead of the RBA, Looking Bearish
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