Forex Trading: AUDNZD Technical Analysis – July 22, 2019

The Australian Dollar (AUD) falls against the New Zealand Dollar (NZD) on Monday, decreasing the price of AUDNZD to less than 1.0450 following some key economic releases. The technical bias may remain bearish since the higher low, a downside move was recently printed on the graph.

AUD/NZD Technical Analysis

Currently, the AUDNZD currency pair is being traded around 1.0428 A resistance can be noted around 1.0616, the 23.6% Fib level resistance, ahead of 1.0550, the trendline resistance and then 1.0444, the key horizontal resistance as demonstrated in the given below chart.

On the downside, a support can be noted near 1.0383, the 61.8% fib level ahead 1.0339, the psychological number and then 1.0389, the low of March 24, 2019, as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0556, the major horizontal resistance level remains intact.

AUD – 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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