The AUDNZD completes a double top ahead of the RBA rate decision.

The AUDNZD has been under a lot of pressure since breaking the 1.0650 level as the false upside breakout at the 1.0850 has led the pair straight down in the last several weeks. However, the RSI is oversold and we closed just below the 61.8% Fibonacci retracement at 1.0495 which could be a risk for a bounce following the RBA rate decision especially if the RBA takes a more neutral stance.

Steve Voulgaridis