Forex Trading: AUDNZD Technical Analysis – October 23, 2019

 

The Australian Dollar (AUD) fell against the New Zealand Dollar (NZD) on Wednesday,  decreasing the price of AUDNZD to less than 1.0700 after some key economic news releases. The technical inclination may remain bullish since the lower high in downside move, imprinted on the chart.

AUD/NZD Technical Analysis

Currently, the AUDNZD is being traded around 1.0690, the prompt support of  1.0650 can shield the price from decreasing further, ahead of 1.0705, the 23.6% Fib level support and a while later 1.0453, the significant major support stays, as shown in the given below chart. AUDNZD

Speaking about the upside, the quick trendline resistance that may cause a boundary in the way of upward movement is noted around 1.0699 thereafter at 23.6% Fib level be of 1.0705,  and afterward, at 1.0751, the key horizontal resistance is noted as showed in the given above graph. The technical bias shall follow the bullish pattern as long as the 1.0650 the major support level remains flawless.

NZD Trade Balance

In New Zealand, the figure concerning the trade balance remained  -$5.21B this year, as compared to $-5.55B during the year before, up beating the economist expectation which was $-5.49B. The data is copied from the news released by Statistics New Zealand.

Exchange balance, is the distinction between the estimation of nation’s fares and imports, over a time of year. A positive parity implies that fares surpass imports, negative one’s methods the inverse. Positive exchange equalization shows a high aggressiveness of a nation’s economy.

Trade Idea

Considering the general price behavior in the course of the most recent couple of weeks, selling the AUDNZD around current levels might be a decent choice in the short to medium term.

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