- The AUD / NZD has a bearish bias, but a break below 1.0500 is needed for further losses.
- The next target on the downside is at 1.0400, further gains will be seen above 1.0560.
AUD / NZD is moving inside a descending channel that is currently facing a strong support barrier, where the lower boundary of the channel converges with a horizontal level and a round level.
A firm break below 1.0500 should clear the way for further losses and a possible acceleration to the downside. The target could be seen at 1.0400.
Immediate resistance in the AUD / NZD seen at 1.0560. Above this level, the crossover will likely strengthen further. The next resistance is at 1.0630. As long as it is below 1.0690 (upper limit of the channel), the bias will favor the downside.
AUD / NZD daily chart
AUD / NZD technical levels
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