Today, the Reserve Bank of Australia voted to hold its official cash rate at its historic low of 2.00%. Despite slow growth, the bank is reluctant to cut rates further, employing a wait-and-see mode. The AUD rallied after the RBA statement. AUD/NZD 4H Chart 6/2 (click to enlarge) AUD/NZD ended last week with a bullish breakout form a flag pattern. It held under 1.08 at the start of the week, but also found support at 1.07. Then, after the RBA statement, traders pushed the pair above 1.08 confirming last week's flag pattern breakout and putting pressure back on the 1.0890 high. AUD/NZD Daily Chart 6/2 (Click to enlarge) In the daily chart, we can see that the current rally has the 1.0918-1.0983 area in sight. This area represents the support of a price top formed from August through November 2014.