The AUDNZD may break out following the RBNZ rate decision.

The AUDNZD is in the apex of a triangle with the breakout points at the 1.0600 as support and 1.0700 as resistance ahead of the RBNZ rate decision. The market is looking for them to keep rates unchanged, and possibly add to their QE programme (or at least discuss it). All of this is expected. Any talk of negative rates would send the AUDNZD higher since this was mentioned by Adrian Orr in the past. However, if they refrain, the NZD may see a relief rally and move back below the 1.0600 level. If a break higher happens, keep in mind the multi week trend line near the 1.0730 level.