HomeAnalysis NewsForex Trading: AUDNZD Technical Analysis – September 25, 2019

Forex Trading: AUDNZD Technical Analysis – September 25, 2019

The Australian Dollar (AUD) slid down against the New Zealand Dollar (NZD) on Wednesday,  decreasing the price of AUDNZD to less than 1.0800 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 is being traded around 1.0725, On the downside, a support can be noted near 1.0665, the major horizontal support level ahead 1.0558, the 38.2% Fib level support and then 1.0385, the trendline support as demonstrated in the given below chart.


Resistance can be noted around 1.0764 the trendline resistance, ahead of 1.0900, the psychological number and then 1.1175, the key horizontal resistance as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0665, the major support 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.

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.

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Open my Account

We use cookies to personalise content & ads, provide social media features and offer you a better experience. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website.