The Australian Dollar (AUD) fell against the New Zealand Dollar (NZD) on Wednesday, decreasing the price of AUDNZD to less than 1.0800 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 1.0799, the support of 1.0702, the 23.6% Fib level can shield the price from decreasing further, ahead of 1.0641, trendline support and a while later 1.0550, the significant major support stays, as shown in the given below chart.
Talking of the upside, the trendline resistance of around 1,0874 which may result in a boundary of upward movement, following a psychological number of 1,0800, and then at 1,1175, the strongest horizontal resistance as shown in the above chart. The technical bias is to follow the bullish pattern as long as the 1.0702 remains unchanged in the major support level.
NZD Building Permit
In New Zealand, the figure concerning the building permits increased to 7.2% this month, as compared to 0.9% during the month before, up beating the economist expectation which was 2.3%. The data is copied from the news released by Statistics New Zealand.
The Building Permit s.a. shows the number of new building plan permits. It is considered to be the housing market’s leading indicator. The greater the number of permits, the more positive (or bullish) for the NZD, while negative or bearish is viewed as a low reading.
Considering the general price behavior in the course of the most recent couple of days, purchasing the AUDNZD around current levels might be a decent choice in the short to medium term.