AUD/NZD Price Analysis: Bears in control ahead of RBA

• AUD/NZD traders are attacking the daily and 4-hour support. 
• The RBA is on the cards for later today as a major risk event.  

AUD/NZD is under pressure ahead of the Reserve Bank of Australia today. 

From a technical perspective, there are prospects of a downside continuation and the following illustrates this in regard to the market structure on both the daily and 4-hour time frames:

Daily chart

The daily chart is showing that the price has corrected a significant portion of the bearish impulse. 

At this juncture, there are expectations of an onward move to the downside to break into fresh territories. 

4-hour chart

From a 4-hour perspective, the bears are taking on support in 1.540 which could equate to a sell-off from the prior structure.

Or, the more conservative bears will want to see a break of support in 1.0540 before committing: