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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
