AUD/NZD Technical Analysis: Lowest close in two years, points to further losses

• 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