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AUD/NZD firmer, takes-out 1.1150 on strong Aus jobs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The AUD/NZD cross ran through fresh buyers in the last hour, jumping nearly 80-pips in a bid to regain 1.11 barrier and beyond, after the Australian jobs data outpaced estimates.

    AUD/NZD climbs on NZD weakness

    The AUD/NZD pair now advances +0.82% to fresh session highs of 1.1158 last minutes. The cross jolted higher after the AUD/USD pair witnessed initial gains on stronger Australian employment data.

    Australia’s jobless rate unexpectedly fell in March to 5.7% from 5.8%; economists predicted 5.9%. Employment rose 26,100 from February; markets forecast 17,000 gain. Participation rate, a measure of labor force as a share of the population, held at 64.9%; economists predicted 65%.

    However, a major chunk of the gains in the cross is mainly driven by the extensive slide seen in the NZD/USD pair, as the Kiwi remains under heavy selling pressure amid oil price declines. The bird sinks almost 1% to 0.6850, retreating nearly 70-pips from daily tops.

    Looking ahead, markets continue to digest the data and its implications on the RBA monetary policy stance ahead of the crucial US and Chinese economic releases.

    AUD/NZD Technical Levels

    To the upside, the next resistance is located at 1.1170/ 81 (Apr 7 high/ daily R2) and above which it could extend gains to at 1.1200 (round number). To the downside immediate support might be located 1.1102 (1h 200-SMA/ 20-DMA) below that at 1.1088/86 (1h 50 & 100-SMA).
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