- AUD/NZD is trading around 1.0653 marks.
- Pair made intraday high at 1.0667 and low at 1.0634 marks.
- Today New Zealand released trade balance data with positive numbers at 292M vs 189M previous release.
- Goods exports rose 4.0 percent in April 2016, up $166 million to $4.3 billion, Statistics New Zealand said today. The total value of goods imported in April 2016 was $4.0 billion, up $58 million (1.5 percent). Consumption goods led the rise, up $129 million (14 percent), with increases across a broad range of goods.
- Intraday bias remains bearish till the time pair holds key resistance at 1.0741 marks.
- A daily close below 1.0620 will take the parity down towards key support around 1.0574 (February 12, 2016 low) and 1.0506 marks respectively.
- On the other side, a sustained close above 1.0734 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms bearish trend.
We prefer to take short position in AUD/NZD around 1.0670, stop loss 1.0734 and target 1.0574 levels.
