The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Friday, increasing the price of AUDNZD to more than 1.0800 following some key economic releases. The technical bias may remain bearish because of the lower low in the recent downside move.

AUD/NZD Technical Analysis

As of this writing, the pair is being traded around 1.0861. A resistance can be noted around 1.0908, a horizontal resistance level ahead of 1.0946 the 61.8% Fib level resistance and then 1.0985, a trendline resistance area as demonstrated in the given below chart.

On the downside, a support can be noted near 1.0764, an immediate trendline support level ahead of 1.0749, the 61.8% Fib level support and then 1.0486, the key level support as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0912 the horizontal resistance level remains intact.

Australia Trade Balance News

In Australia, the figure concerning trade balance remained 1064 Million in August, as compared to 1551 Million during the month before, down beating the economist expectation which was 1400 Million. The data is taken from the news released by the Bureau of Statistics, Australia.

The figure represents the difference between the level of imports and exports concerning goods and services. Increasing the number of export shows the growth in the economy of the country whereas an increasing number of imports indicates the level of demand prevailing in Australia. It also indicated the expected performance of export in the future. Generally speaking, higher export levels show a bullish trend for the Australian Dollar (AUD) whereas lower export levels imply a bearish trend for the Australian Dollar (AUD).

Trade Idea

Considering the overall price behavior of the pair over the last few weeks, selling the AUDNZD around current levels may be a good decision in short to medium term.