- AUD/NZD is trading in green at 1.0817 at press time.
- While the RBA is likely to maintain the status quo on Tuesday, it may signal a November rate cut.
AUD/NZD is trapped in a bearish channel represented by trendlines connecting Aug. 18 and Sept. 14 highs and Sept. 2 and Sept. 25 lows.
If confirmed, a breakout would imply an end of the pullback from the Aug. 18 high of 1.1044 and bullish reversal.
A breakout may be seen later Tuesday if the Reserve Bank of Australia dashes market hopes for a November rate cut.
Alternatively, a dovish policy could yield a break below the support of 1.0770 (Monday’s low).
Daily chart
Trend: Neutral
Technical levels
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