The Australian Dollar (AUD) inched lower against the New Zealand Dollar (NZD) on Wednesday, decreasing the price of AUDNZD to more than 1.0600 following some key economic releases. The technical bias may remain bearish because of the higher low in the recent upside move.

AUD/NZD Technical Analysis

As of December 05, 2018, the pair is being traded around 1.0539.  Since the price slid down, therefore, a support may be seen around 1.0392, a horizontal support ahead of 1.0300 the psychological number and then 1.0234, the key level support as demonstrated in the given below chart.

On the upside, a horizontal resistance can be noted around 1.0755 ahead of 1.1076 the 61.8% Fib level resistance and then 1.1131, the trendline resistance area as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0755, the major horizontal resistance level remains intact.

Australian Trade Balance News

In Australia, the figure concerning trade balance remained 1604 Million in August, as compared to 1551 Million during the month before, up beating the economist expectation which was 1400 Million. The data is copied 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) and vice versa.

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.