AUDNZD climbs following disappointing NZ trade figures, 1.08 eyed

• The Aussie clambers up on Kiwi data miss.
• Little data on the cards for either currency leaves sentiment on the table. 

AUD/NZD has lifted in the Asia session, trying to capture further ground and currently trading just above 1.0770.

The Aussie is gaining following a miss for Kiwi trade balance data, that sees exports lower than expected and the previous figures for imports revised lower than initially reported.

Both the Reserve Bank of Australia and the Reserve Bank of New Zealand are stuck in wait-and-see mode as their respective countries' economies lag in growth behind global competitors. With inflation proving difficult to jumpstart and lopsided risks in household debt and wage growth for both island economies, interest rate increases for either central bank seems far off, with markets anticipating the two banks to hold off on rate increases well into 2020.

AUD/NZD Technicals

The Aussie has slowly drifted lower against the Kiwi for several months, and despite a rebound from the almost seven-month low of 1.0654, the pair is still trading below the 200-day SMA, and the 34 EMA has recently crossed the major indicator lower, increasing downward pressure. H4 candles show the pair pushing up into a previous consolidation area from early February, and intraday support is being given at 1.0715 and 1.0700, with resistance levels from swing points at 1.0810 and 1.0880.