AUD/NZD declines to 1.04155 following the RBA minutes’ release during early Tuesday. In doing so, the quote drops below an ascending trend line stretched from February 04.
Read: RBA Minutes: Board prepared to ease policy if needed – Retuers
As a result, sellers are now targeting the confluence of 50% Fibonacci retracement of the pair’s run-up between January 29 and February 11 as well as 200-bar SMA, around 1.0400/395.
During the quote’s further weakness below 1.0395, 61.8% Fibonacci retracement near 1.0370 and 1.0325 can stop the bears from aiming 1.03000 mark.


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