AUD/NZD holding steady near 1.0550, but downside pressure remains

• The AUD/NZD manages to halt the early session's decline following Aussie Trade Balance figures.
• The long-term bear trend is still in full effect as the Kiwi climbs over the Aussie consistently.

The Aussie is holding flat against the Kiwi in early Tokyo trading, but still near yesterday's lows at 1.0540.

The AUD has had a bad run against the NZD, declining steadily since a high of 1.1290 in October 2017. The pair is now trading into nine-month lows as confidence in the Kiwi remains every so slightly higher than in the Aussie.

This week's declines see the NZD being buoyed by better figures from global dairy trade and a budget surplus for the New Zealand government, while the Aussie saw declines in Building Permits and a better-than-expected, but still declining trade surplus.

AUD/NZD Levels to watch

With the pair steadily declining into lower and lower territory, support is thin, and a break below 1.0525 will see the pair trading into the last known support zone from June 2017, near 1.0370, while bulls will have to compete with resistance at the last swing point of 1.0640, and March's high of 1.0800 beyond that.