AUD was pressured during the beginning of the 4/24 session when inflation data came out for Q1. It wasn't that low, coming in at 0.6% for the quarter, and 2.9% on the year, but traders did use it as an excuse to cool off the hot Australian dollar.NZD was then boosted after the RBNZ raised the key interest rate from 2.75% to 3.0%, and sounded hawkish on inflationary risk.The AUD/NZD reversed a rally from 1.0520 to 1.0915. The 4H chart shows that it broke below a rising trendline after the AUS inflation data, then extended lower after the RBNZ statement. (audnzd 4h chart, 4/24) In the near-term, we might anticipate some support around 1.0730-40, especially with the stochastic below 20 and RSI below 30. However looking at the daily chart, following the trend, we might expect some further downside risk. (audnzd daily chart, 4/24)As you can see in the daily chart, the market has been persistently bearish in 2013, but has been sideways since Dec. 2013 and through 2014 so far. This is a bearish-neutral market. In this mode, AUD/NZD found resistance below the 1.0945 2014-high and consolidation resistance. Now a bearish attempt is developing, so look out for a swing towards the 1.0486 to 1.0520, 2014-lows.