Australia, New Zealand dollars on the ropes as RBA enters the ring

The Australian and New Zealand dollars were pinned near multi-month lows on Monday ahead of a policy meeting by Australia's central bank where it is likely to end quantitative easing but might not sound as hawkish as markets are pricing in.
 

The Aussie was huddled at $0.7036, having shed 2.5% last week to the lowest since July 2020 at $0.6967. The break of the 2021 trough of $0.6993 reinforced the bearish technical background and argued for a further retreat to $0.6924 and even as far as $0.6758.
 

The kiwi dollar also sank 2.5% last week to last stand at $0.6553,