The Australian Dollar (AUD) rose against the New Zealand Dollar (NZD) on Tuesday, increasing the price of AUDNZD to more than 1.0300 following some key economic releases. The technical bias may remain bearish because of the higher low in the recent upside move.
AUD/NZD Technical Analysis
Currently, the pair is being traded around 1.0355, A resistance can be noted around 1.0388, the major horizontal resistance level ahead of 1.0413, the trend line resistance and then 1.0454, the 38.2% Fib level support, as demonstrated in the given below chart.
On the downside, a support can be noted near 1.0321, an immediate 61.8% Fib level support ahead of 1.0281, the trendline support and then 1.0106, the major horizontal support as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.0454, the major horizontal resistance level remains intact.
Australia House Price Index News
In Australia, the figure concerning house price index remained -0.6% this quarter, as compared to 2.0% during the quarter before, down beating the economist expectation which was -0.7%. The data is taken from the news released by the Australian Bureau of Statistics.
The figure represents the prevailing prices of houses in major cities of Australia. The housing price is also considered a key indicator of expected inflationary pressure. Generally speaking, high reading in this regard is taken as a bullish trend for the Aussie Dollar (AUD) whereas low reading suggests a bearish market for the Aussie Dollar (AUD).
Considering the overall price behavior of the pair over the last few weeks, selling the AUDNZD around current levels may be a good decision in short to medium term.