Australian Dollar dips broadly after RBA’s hold, but loss is so far limited. AUD/NZD is staying above 1.0795 temporary low for now, even though near term bearish bias is maintained after prior rejection by 55 4H EMA.
Current fall in AUD/NZD from 1.1050 is seen as the third leg of the pattern from 1.1085 for now. Deeper decline is expected as long as 1.0920 resistance holds. Break of 1.0795 will target 1.0056 support and possibly below. But in that case, buying should emerge above 1.0469 support to finish the fall from 1.1050, as well as the pattern from 1.1085.
