#AUDNZD @ 1.07562 picks up bids to cross three-week-old resistance line despite mixed New Zealand trade numbers for February., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• AUD/NZD picks up bids to cross three-week-old resistance line despite mixed New Zealand trade numbers for February.
• New Zealand Trade Balance improved but Exports and Imports eased.
• “Double bottom” bullish formation lures buyers but 1.0800 is the key hurdle.

The pair currently trades last at 1.07562.

The previous day high was 1.0763 while the previous day low was 1.0682. The daily 38.2% Fib levels comes at 1.0713, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0732, expected to provide support.

AUD/NZD extends the previous day’s strong gains to 1.0760 amid mixed New Zealand trade data, published early Tuesday in Auckland. In doing so, the exotic pair crosses a three-week-old resistance line while highlighting the “double bottom” bullish chart pattern on the four-hour play.

That said, New Zealand’s Trade Balance improved to $-714M in February versus $-1,450M expected and $-2,113M prior (revised). However, the Imports eased to $5.95B from $7.42B while the Exports also declined to $5.23B compared to $5.30B prior during the stated period.

Given the double bottom formation and the quote’s sustained break of the previous key resistance line, the AUD/NZD is very much expected to rise further, backed by bullish MACD signals.

However, a one-week-old resistance line joins the 100-SMA to highlight the importance of the 1.0800 as the strong upside resistance.

Should the quote remains firmer past 1.0800, the odds of witnessing a rally toward the early-month high close to 1.0890 can’t be ruled out.

Alternatively, the resistance-turned-support line of near 1.0750 restricts the immediate downside of the AUD/NZD pair, a break of which could drag the quote back to the 1.0700 round figure before challenging the double bottoms surrounding 1.0675.

Trend: Further upside expected

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0758 at the time of writing. Pair opened at 1.0682 and is trading with a change of 0.71% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0836, 50 SMA 1.0885, 100 SMA @ 1.0824 and 200 SMA @ 1.0982.

The previous day high was 1.0763 while the previous day low was 1.0682. The daily 38.2% Fib levels comes at 1.0713, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0732, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0656, 1.0629, 1.0576
• Pivot resistance is noted at 1.0736, 1.0789, 1.0816

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