Key Points
- The Aussie dollar moved down against the Kiwi dollar and broke the 1.0450 support area.
- The AUDNZD pair is currently attempting to close below a couple of bullish trend lines near 1.0440-30 on the hourly chart.
- Today in Australia, the trade balance was released by the Australian Bureau of Statistics.
- The result was above the forecast, as there was a trade surplus of 1,243M whereas the market was expecting a deficit of -500M in Nov 2016.
AUDNZD Technical Analysis
The Aussie dollar managed to pop higher against the Kiwi dollar and tested the 1.0490 resistance zone where it found sellers. There was a downside move initiated, and the AUDNZD pair traded below the 1.0450 support area.
At this moment, the pair is attempting a close below a couple of bullish trend lines near 1.0440-30 on the hourly chart along with the 38.2% Fib retracement level of the last leg from the 1.0342 low to 1.0487 high.
If the pair closes below the trend line and the 1.0430 support area, there are chances of more losses in the near term.
Australian Trade Balance
Today in Australia, the trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics. The market was expecting a trade deficit of -500M in Nov 2016.
The result was above the forecast, as there was a trade surplus of 1,243M in Nov 2016. The report added that in “seasonally adjusted terms, goods and services credits rose $2,322m (8%) to $30,083m. Non-rural goods rose $2,010m (12%) and rural goods rose $588m (17%). Non-monetary gold fell $305m (18%). Net exports of goods under merchanting remained steady at $5m. Services credits rose $29m”.
Overall, there are high chances of AUDNZD extending the current decline and move towards the 1.0400 level.
