The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Tuesday, increasing the price of AUDNZD to more than 1.0900 following some key economic releases. The technical bias shall remain bullish because of the lower high in the recent downside move.

AUD/NZD Technical Analysis

As of this writing, the pair is being traded around 1.0989. A resistance can be noted around 1.008, an immediate horizontal resistance level ahead of 1.1047 the 38.2% Fib level resistance and then 1.1096, another key horizontal resistance area as demonstrated in the given below chart.

On the downside, a support can be noted near 1.0912, an immediate horizontal support level ahead of 1.0859, the trendline support level and then 1.0749, the 61.8% Fib level support as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0912 the horizontal resistance level remains intact.

Australia Trade Balance News

In Australia, the figure concerning trade balance remained 1551 Million in July, as compared to 1940 Million during the month before, up beating the economist expectation which was 1400 Million. The data is taken 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) whereas lower export levels imply a bearish trend for the Australian Dollar (AUD).

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.