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.

Ross J Burland FXStreet

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:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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