The Australian Dollar (AUD) inched lower against the New Zealand Dollar (NZD) on Wednesday, decreasing the price of AUDNZD to less than 1.0600 following some key economic releases. The technical bias may turn bullish because of the lower high in the recent downside move.

AUD/NZD Technical Analysis

As of January 09, 2018, the pair is being traded around 1.0588.  Since the price slid down, therefore, a support may be seen around 1.0493, the major horizontal support ahead of 1.0463, the confluence of two trendlines and then 1.0401, the 38.2% Fib level support as demonstrated in the given below chart.

On the upside, a trendline resistance can be noted around 1.0718 ahead of 1.0765 the 61.8% Fib level resistance and then 1.1174, the key horizontal resistance area as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0765, the major horizontal resistance level remains intact.

Australian 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 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, buying the AUDNZD around current levels may be a good decision in short to medium term.