Key Points
- The Aussie dollar traded lower recently against the New Zealand dollar, and about to break a major support.
- There is a bearish trend line formed on the hourly chart of the AUDNZD pair, which is currently acting as a resistance.
- Today in Australia, the NAB´s Business Conditions was released by the National Australia Bank.
- There was a minor decline noted from the last reading of 8 to 7 in August 2016.
AUDNZD Technical Analysis
The Aussie dollar declined heavily recently against the New Zealand dollar and traded below the 1.0300 support area. There is a monster bearish trend line formed on the hourly chart of the AUDNZD pair, which is protecting losses and acting as a hurdle.
The pair is currently attempting to close below a major support area of 1.0260. A close below it could ignite a downside move towards 1.0220.
Selling rallies can be considered as long as the pair is below the trend line resistance.
NAB´s Business Conditions
Today in Australia, the NAB´s Business Conditions, which looks at trading, profitability and employment conditions in Australia was released by the National Australia Bank. The forecast was slated for no change, but there was a minor decline from 8 to 7 in August 2016.
However, the NAB´s Business confidence posted a rise from the last reading of 4 to 6. The report added that “Despite some moderation in business conditions, results from the NAB Monthly Business Survey remain reasonably upbeat. Business sentiment has proven to be resilient to negative influences over recent months, which has flowed through to more stable (and above average) levels of labour demand”.
The report failed to protect losses in the Aussie dollar, and it looks like it may continue to decline versus the New Zealand dollar.
