This morning's Australian GDP report caused a sell-off in the Aussie as investors assess the likelihood of an RBA rate cut. GDP growth came in 0.2% q/q vs 0.5% expected.
From a technical standpoint, the AUD/NZD pair has formed a valid sell setup which is now confirmed by a fresh 2019 low. The SHS pattern has been triggered, a pullback is completed and there seems to be more downside potential in the pair.