AUD/NZD Technical Analysis: Testing key downtrend ahead of the RBA

• Last week, the RBNZ opened the doors to a rate cut and the NZD tumbled. On Tuesday, the RBA will announce its decision. 
• After the RBNZ meeting, AUD/NZD broke a relevant short-term resistance level and jumped to test a key downtrend line. If failed to consolidate on top but the momentum still points to the upside. A close clearly above 1.0450 (downtrend line and 55-day moving average) would clear the way to more gains with a potential target at 1.0530. 
• A failure to break above 1.0450 and a reversal would signal weakens ahead for the Aussie but only below 1.0370/80 (horizontal level and 20-day moving average), the outlook would favor more losses. 

AUD/NZD Daily chart