AUD/NZD sold into 1.0760 as Australian jobs disappoint

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/NZD has fallen by over 60 pips in response to much worse-than-expected Australian employment figures, sending the rate from 1.0830 resistance highs all the way to find a temporary bottom at 1.0762, area that coincides with the origin of the latest spike in demand last February 16th.

    Australian jobs: Dire picture in January

    As reported, Australia employment change s.a. came in at -7.9K in January, well below forecasts of +15k, with the unemployment rate s.a. at 6% vs forecasts of 5.8%. Fulltime employment dropped by 40.6k vs previous 17K, while part-time employment rose by 32.7k from previous -18.6k. Participation rate was unchanged at 65.2%.

    We also saw disappointing New Zealand data before the Australian jobs report, which may see the downside limited. New Zealand February ANZ Consumer Confidence came in at -1.4 % m/m to 119.7 vs prior +2.3% to 121.4.

    AUD/NZD key levels for the day

    In order for sellers to make further progress, a break and hold below the 1.0750 is required. If that were to occur, expect 1.0730 (S3) to be exposed ahead of 1.07 round number. On the upside, should bids outweigh selling interest in the hours/session ahead, 1.08 is key resistance now, ahead of 1.0830 day highs, followed by 1.0850, mid round number and R1 for the day.
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