Forex Trading: AUDNZD Technical Analysis – July 31, 2019

The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Wednesday, increasing the price of AUDNZD to more than 1.0400 following some key economic releases. The technical bias may remain bearish since the lower low, a downside move was recently printed on the graph.

AUD/NZD Technical Analysis

Currently, the AUDNZD currency pair is being traded around 1.0449, A resistance can be noted around 1.0467, the 38.2% Fib level resistance, ahead of 1.0565, the key horizontal resistance and then 1.0626, the trendline resistance as demonstrated in the given below chart.

AUDNZD

 

On the upside, a support can be noted near 1.0430, the 61.8% fib level ahead 1.0429, the trendline support and then 1.0375, the low of March 24, 2019, as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0467, the major horizontal resistance level remains intact.

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

 


Trading Forex does have its risks but with proper risk management and a consistent strategy that uses a form of analysis, be it technical, fundamental or sentimental, you can be hugely profitable. It is worth noting that trading, of course, has its pros and cons, we’ve highlighted those to make sure you’re aware of the key mistakes beginners often make.

Broker discussion area