AUD/NZD breaks the range, below 1.0650 ahead of RBA minutes

• If the AUD/NZD closes below 1.0650, the bear trend should be confirmed.
• RBA meeting minutes are scheduled on Tuesday at 00.30 GMT.

The AUD/NZD is currently trading at around 1.0645 down 0.45%,  breaking below the trading range of the last 5 weeks which saw the market oscillating between the 1.0666 and 1.0777 levels. Last week saw the pair closing on the low tick suggesting bears had the upper hand. 

Tuesday will see the RBA meeting’s minutes at 00.30 GMT followed by the RBA´s assistant Governor Bullock speech at 4.15 GMT.  

AUD/NZD weekly chart

The AUD/NZD is now trading below its 100 and 200-period simple moving average (weekly) which is considered a bearish configuration. 

AUD/NZD daily chart

Since the Asian opening, the bulls tried to break above 1.0690 but their bullish attempts failed and the market has now broken a previous cyclical low established on February 22 at 1.0653. If the bears managed to close the day below this level, the pair is likely set for further losses in the near future, as the next support is seen at 1.0600 figure and previous demand level, followed by the 1.0500 figure and former supply/demand zone back in the Summer of 2017. To the upside resistance is seen at the 1.0666-1.0700 area where the last bear breakout occurred, followed by the 1.0750 figure further up.