Forex Trading: AUDNZD Technical Analysis – May 08, 2019
The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Wednesday, resulting in a price increase of AUDNZD to more 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 1.0628, A resistance can be noted around 1.0765, the 61.8% Fib level resistance ahead of 1.0987, the trendline resistance and then 1.1174, the key horizontal resistance as demonstrated in the given below chart.
On the downside, a support can be noted near 1.0513, the key horizontal support ahead of 1.0359, the 23.6% fib level support and then 1.0201, the trendline support 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.
Trade Balance News – Australia
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.
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.