AUD/NZD Technical Analysis: Key downtrend being challenged

• The New Zealand dollar tumbled after RBNZ opened the doors to a rate cut. 
• The AUD/NZD jumped from 1.0320 to 1.0450, reaching the highest level in 4 weeks. The rally could point to an end of the move lower that sent the pair to the lowest close since 2016. 
• The rebound was capped by a downtrend line. A firm break above 1.0450/60 would clear the way to more gains with a potential target at 1.0540. 
• If the pair fails to break higher, it could lose momentum. The key support for the now bullish outlook is seen at 1.0360/80 (horizontal support and 21-day moving average). 

AUD/NZD Daily Chart