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  • 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