FxWirePro: AUD/NZD consolidates below 200-DMA, focus on RBA for further impetus

AUD/NZD chart - Trading View 

AUD/NZD was trading largely muted at around 1.0616 at 10:35 GMT, outlook remains bearish.

The pair is consolidating below 200-DMA which is capping recovery at 1.0632. Session high and low stood at 1.0633 and 1.0601 respectively.

The antipodeans supported from upbeat China Caixin PMI for October which came in at 53.6, beating expectations of 52.8 and up from the previous month's print of 53.0. 

The Reserve Bank of Australia is set to announce its policy decision Tuesday and investors are pricing in a rate cut to a record low of 0.1%.

Technical analysis shows major and minor trend are strongly bearish. Volatility is rising and bearish momentum could drag prices lower.

Next major bear target lies at 61.8% Fib. Retrace above 200-DMA will negate bearish bias.

Support levels - 1.0541 (Lower BB), 1.0517 (50% Fib), 1.0392 (61.8% Fib)

Resistance levels - 1.0632 (200-DMA), 1.0716 (20-DMA), 1.0632 (200-DMA)