HomeAnalysis NewsForex Trading: AUDNZD Technical Analysis – May 03, 2019

Forex Trading: AUDNZD Technical Analysis – May 03, 2019

The Australian Dollar (AUD) slid down against the New Zealand Dollar (NZD) on Friday, resulting in a price decrease of AUDNZD to less than 1.0600 following some key economic releases. The technical bias seems to remain bullish since the lower high, a downside move was recently printed on the graph.

AUD/NZD Technical Analysis

As of this writing, the AUDNZD is being traded around 1.0565, a support can be noted near 1.0582, the major horizontal support ahead of 1.0492, the 38.2% Fib level support and then 1.0343, the confluence of a major horizontal support level and trendline support as demonstrated in the given below chart.

AUDNZD mAY 03, 2019

On the upside, A resistance can be noted around 1.0765, the 61.8% Fib level resistance ahead of 1.0822, the trendline resistance and then 1.1174 as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0638, the major horizontal support level remains intact.

Australia 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.

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