The Australian Dollar (AUD) inched lower against the New Zealand Dollar (NZD) on Monday, decreasing the price of AUDNZD to more than 1.0800 following some key economic releases. The technical bias may remain bearish because of the lower low in the recent downside move.

AUD/NZD Technical Analysis

As of November 12, 2018, the pair is being traded around 1.0718.  Since the price slid down, therefore, a support may be seen around 1.0688, an immediate trend line support level ahead of 1.05700 the psychological number and then 1.0486, the key level support as demonstrated in the given below chart.

On the downside, a trendline resistance can be noted around 1.0799 ahead of 1.0911 the 38.2% Fib level resistance and then 1.0972, the trendline resistance area as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0830, 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.