The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Tuesday, resulting in a price increase of AUDNZD to more than 1.0500 following some key economic releases. The technical bias seems to remain bearish since the lower low, a downside move was recently printed on the graph.
AUD/NZD Technical Analysis
As of this writing, the AUDNZD is being traded around 1.0575, a support can be noted near 1.0497, the key horizontal support ahead of 1.0444, the 23.6% fib level support and then 1.0272, the low of March 24, 2019, as demonstrated in the given below chart.
On the upside, A resistance can be noted around 1.0616, the 23.6% Fib level resistance, ahead of 1.0892, the trendline resistance and then 1.1001, the key horizontal resistance as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0497, the major horizontal support level remains intact.
Trade Balance News – Australia
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.
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.