The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Monday, increasing the price of AUDNZD to more than 1.0400 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 this writing, the pair is being traded around 1.0480, A resistance can be noted around 1.0538, the trend line resistance ahead of 1.0565, the 23.6% Fib level resistance and then 1.0646, the major horizontal resistance area as demonstrated in the given below chart.

On the downside, a support can be noted near 1.0430, the immediate trendline support ahead of 1.0323 another trend line support and then 1.0303, another trend line support as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0555, the major horizontal resistance level remains intact.

Australia’ RBA Minutes

After its meetings in April and May, the Reserve Bank of Australia concluded: “In the current circumstances, members agreed that it was more likely that the next move in the cash rate would be up, rather than down.”

In the minutes of the September meeting, the Reserve Bank makes no reference to that line. The Reserve Bank left rates on hold at 1.5 percent.

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.