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  • The AUD/NZD dropped sharply recently after GDP data from Australia and then trimmed losses modestly.  
  • It bottomed at 1.0357, the lowest level intraday level since January 3 (mini-flash crash) and  is headed to the weakest close in two years.  
  • The consolidation back below 1.0400 shows that the bearish bias remains intact and points to further losses. Below 1.0360, the next targets might be located at 1.0310/20 (July 2016 / January 2017 low) and 1.0280 (July 2017 low).  
  • The bearish pressure should ease with a recovery back above 1.0400. The next strong resistance is seen around 1.0450.  
  • The critical level comes at 1.0520/30, a downtrend line that if broken should clear the way to more gains for the Australian dollar.  

AUD/NZD Daily chart

AUD/NZD

AUD/NZD

Overview:
       Today Last Price:  1.038
    Today Daily change %:  -0.36%
       Today Daily Open:  1.0418
Trends:
       Daily SMA20:  1.0435
       Daily SMA50:  1.0497
       Daily SMA100:  1.0581
       Daily SMA200:  1.0742
Levels:
       Previous Daily High:  1.0438
       Previous Daily Low:  1.0381
       Previous Weekly High:  1.0462
       Previous Weekly Low:  1.0362
       Previous Monthly High:  1.0551
       Previous Monthly Low:  1.0362
       Daily Fibonacci 38.2%:  1.0416
       Daily Fibonacci 61.8%:  1.0403
       Daily Pivot Point S1:  1.0387
       Daily Pivot Point S2:  1.0356
       Daily Pivot Point S3:  1.033
       Daily Pivot Point R1:  1.0443
       Daily Pivot Point R2:  1.0469
       Daily Pivot Point R3:  1.05