The Australian Dollar (AUD) inched higher against the New Zealand Dollar (NZD) on Wednesday, increasing the price of AUDNZD to more than 1.0500 following some key economic releases. The technical bias may bullish since the higher high an upside move was recently printed on the graph.
AUD/NZD Technical Analysis
Currently, the AUDNZD currency pair is being traded around 1.0690, A resistance can be noted around 1.0694 the trendline resistance, ahead of 1.0700, the psychological number and then 1.0708, the key horizontal resistance as demonstrated in the given below chart.
On the downside, a support can be noted near 1.0603, the major horizontal support level ahead 1.0538, the trendline support and then 1.0432, the 61.8% Fib level support as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0694, the major resistance level remains intact.
Trade Balance Economic Release
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.
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