AUD/USD has dropped 30 pips in the last 45 minutes, tracking the post-RBNZ sell-off in the NZD/USD pair. The pullback to levels below the 50-day moving average (MA) of 0.7124 has weakened the bullish case put forward by the falling wedge breakout, confirmed yesterday with a close at 0.7134. That said, the pair is still holding above the upper edge of the falling wedge, meaning the breakout is still valid and the bullish case would again strengthen if the spot reverses losses seen in the last few minutes with a move above the previous day’s high of 0.7148. The Reserve Bank of New Zealand (RBNZ) kept its official cash rate unchanged at 1.75 percent earlier today, as expected, but said the next move is likely to be down, surprising markets, which were positioned for a neutral stance. In response, the NZD dropped more than 100 pips, dragging the Aussie dollar (also a commodity dollar) lower. Both the RBNZ and the Reserve Bank of Australia are now seen cutting rates this year at least by 25 basis points. Daily chart Trend: Bullish above 0.7148 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD: Recovery underway amid pullback in crude, US Dollar FX Street 4 years AUD/USD has dropped 30 pips in the last 45 minutes, tracking the post-RBNZ sell-off in the NZD/USD pair. The pullback to levels below the 50-day moving average (MA) of 0.7124 has weakened the bullish case put forward by the falling wedge breakout, confirmed yesterday with a close at 0.7134. That said, the pair is still holding above the upper edge of the falling wedge, meaning the breakout is still valid and the bullish case would again strengthen if the spot reverses losses seen in the last few minutes with a move above the previous day's high of 0.7148.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
