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AUD/NZD: New YTD high after NZ trade

FXStreet (Bali) - AUD/NZD is breaking into new highs for the year, with offers as high as 1.1167 being filled, further reinforcing the bull trend.

The latest 30-40 pips spike came on the back of a worse-than-expected NZ trade balance, coming at $1.29B vs 1.49B exp and $1.20B last, adding to the slightly worsening economic outlook in the country.

Technically, as Sean Lee, Founder at FXWW, notes, "next major level to watch will be previously important support at 1.1185/00." While on the downside, 1.1125-35 should see first layer of bids ahead of 1.11 and 1.1050-80 demand.

New Zealand trade balance fails to meet expectations

New Zealand's trade balance (YoY) (Jul) came at $1.29B vs 1.49B exp and $1.20B last, with the MoM reading at $-692M vs $-475M exp and $247M last. Exports (Jul) were $3.7B vs $3.98B exp and $4.19B last, while imports (Jul) stood at $4.39B vs $4.50B exp and $3.95B last. Overall, some poor numbers that have added downside pressure to the NZD.
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NZD/USD extending the downside

NZD/USD is trading at 0.8323, down -0.22% on the day, having posted a daily high at 0.8349 and low at 0.8314.
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