AUD/NZD Price Analysis: Decline capped by the strong 1.0500 barrier, next target at 1.0400

• AUD/NZD holds a bearish bias, but a break under 1.0500 is needed to more losses.
• Next downside target at 1.0400, more gains are seen above 1.0560.

The AUD/NZD is moving in a descendant channel currently facing a strong support barrier, where the lower limit of the channel converges with a horizontal level and a round number.

A firm break under 1.0500 should clear the way to more losses and a potential bearish acceleration. The target might be seen at 1.0400.

The immediate resistance is AUD/NZD is seen at 1.0560. Above, the aussie will likely strengthen further. The next resistance stands at 1.0630. While below 1.0690 (upper limit of the channel), the bias will favor the downside.

AUD/NZD daily chart