Fxwirepro: Kiwi Gains in Early Asia on the Back of Higher Than expected Trade Balance Data

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.

News are provided by InstaForex