AUD/NZD Price Analysis: Eyes monthly low on upbeat NZ Trade Balance
|- AUD/NZD fades recovery moves from 1.0448 as New Zealand (NZ) trade numbers improve.
- NZ Trade Balance grow past-$1.71B in October, Imports and Exports also rise.
- Two-day-old support line offers intermediate halt to the downside, 200-HMA guards immediate upside.
AUD/NZD drops to 1.0507 during the initial Asian session on Thursday. In doing so, the pair fizzles the latest recovery moves after New Zealand’s October month trade numbers flashed upbeat signals.
As per the data, the headline Trade Balance rose beyond $1.71B to $2.19B. Further details suggest improvement in Exports and Imports from $4.01B and $5.02B respective priors to $4.78B and $5.29B in that orders.
Although AUD/NZD pullback from 200-HMA joins bearish MACD signals and upbeat data from New Zealand to weigh on the pair towards the monthly low, also lowest since the mid-April, an immediate ascending support line near 1.0490 probes the sellers.
Meanwhile, the weekly top around 1.0565 adds to the upside filter beyond the 200-HMA level of 1.0555.
It’s worth mentioning that the AUD/NZD bears are less likely to relinquish controls unless witnessing a daily closing above October’s bottom close to 1.0600.
AUD/NZD hourly chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.