FxWirePro: Kiwi erases previous loss against Aussie after better than expected trade balance data

• AUD/NZD is hovering around 1.1200 marks.
   
• Pair made intraday high at 1.1237 and low at 1.1193 marks.
   
• New Zealand recorded its highest trade surplus in nine months in February as exports rose further than expected.
   
• The New Zealand’s trade surplus expanded from a revised $13 million in January to $339 million last month.
   
• Intraday bias remains bearish for the moment.
   
• Pair fails to sustain above key resistance at 1.1317 and dragged the parity down around 1.1200 levels.
   
• A daily close below 1.1148 will take the parity down towards 1.10 marks.
   
• On the other side, a sustained close above key resistance at 1.1298 will drag the parity up towards 1.1590 marks.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.