The Australian Dollar (AUD-) goes down against the New Zealand Dollar (NZD) on Wednesday, decreasing the price of AUDNZD to under 1.0700 after some key economic news releases. The technical inclination may bullish since the lower high in downside move, imprinted on the chart.
AUD/NZD Technical Analysis
Currently, the AUDNZD is being traded around 1.0676, At the 61.8% Fib level, support of 1.0599 can keep the price from decreasing further, ahead of 1.0570, the trendline support and a short time later 1.0451, the significant major support help remains, as shown in the given chart.
On the upside, .the immediate trendline resistance that may cause hurdle in the path of upward movement is noted around 1.0704 afterward at 23.6% Fib level be of 1.0809, and then at 1.0836, the key horizontal resistance is noted as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0644, the major support level remains intact.
Trade Balance Economic Release
In Australia, the figure concerning trade balance remained 5926 Million in October, as compared to 7253 Million during the month before, down beating the economist expectation which was 6000 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 general price behavior in the course of the most recent couple of weeks, purchasing the AUDNZD around current levels might be a decent choice in the short to medium term.