The Australian Dollar (AUD) inched lower against the New Zealand Dollar (NZD) on Monday, this led to a decrease in the price of AUDNZD making it appear less than 1.0500 in pursuit of some major economic releases. The technical bias may turn 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 1.0490, a support can be noted near 1.0469, the trendline support ahead of 1.0430, the 23.6% Fib level support and then 1.0356, the key horizontal support level as demonstrated in the given below chart.

On the upside, a resistance can be noted around 1.0551, the 61.8% Fib level resistance ahead of 1.0600 the psychological number and then 1.0671, the key horizontal resistance area as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0551, the major horizontal resistance level remains intact.

Australia Trade Balance News

In Australia, the figure concerning trade balance remained 2316 Million in October, as compared to 2940 Million during the month before, down beating the economist expectation which was 3200 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 exports 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 exports 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.