Key Points
- The Aussie dollar recently traded towards 1.0700 against the Kiwi dollar where it found resistance, and moved down.
- There is a major bearish trend line with resistance at 1.0680 on the hourly chart of AUDNZD, acting as a hurdle for an upside move.
- Today in New Zealand, the Visitor Arrivals figure for Jan 2017 was released by the Statistics New Zealand.
- The result was neutral, as there was a rise of 11% in the Visitor Arrivals in Jan 2017 (YoY), same as of the last reading of 11.1%.
AUDNZD Technical Analysis
The Aussie dollar after trading as low as 1.0641 against the New Zealand dollar recovered. The AUDNZD pair traded higher and broke the 23.6% Fib retracement level of the last decline from the 1.0743 high to 1.0641 low.
However, the upside move was stopped near a major bearish trend line with resistance at 1.0680 on the hourly chart. Moreover, the 50% Fib retracement level of the last decline from the 1.0743 high to 1.0641 low also acted as a hurdle.
The pair is once again moving lower, and currently testing the 21 simple moving average. A break below it could take the pair lower towards 1.0650.
New Zealand Visitor Arrivals
Today in New Zealand, the Visitor Arrivals figure for Jan 2017 was released by the Statistics New Zealand. The market was expecting the number of visitors to New Zealand to increase by around 10% in Jan 2017, compared with the same month a year ago.
The outcome was mostly in line with the forecast, as there was a rise of 11% in the Visitor Arrivals in Jan 2017 (YoY), same as of the last reading of 11.1%. The report added that “Visitor arrivals numbered 494,200 in December 2016, setting a new monthly record. The latest month’s figure was up 11 percent from the previous record month of December 2015”.
Overall, the Aussie dollar remains at a risk of a downside move, and could make a move below 1.0650 against the Kiwi Dollar.
