Chart - Courtesy Trading View
AUD/NZD was trading 0.70% lower on the day at 1.1016 at around 10:40 GMT, outlook bearish.
The Australian dollar was sold off across the board after the Reserve Bank of Australia (RBA) rate hike announcement.
The RBA has raised its Official Cash Rate (OCR) by 50 basis points (bps) to 1.85% in line with the market expectations.
Indecision over the RBA’s next move amid rising price pressures, recession fears and headlines concerning China keep downside pressure in the pair.
Technical indicators are turning bearish. Stochs and RSI are biased lower. Stochs show rollover from overbought levels.
MACD confirms bearish crossover on signal line. ADX supports downside. Price action is below 200H MA.
The pair has slipped into daily cloud, breaks below 55-EMA, is on track to test 23.6% Fib retracement at 1.0975.
