AUD/NZD Price Analysis: Bulls return after strong Aussie job numbers
|- AUD/NZD rises to a one-week high after Australia’s December month employment data.
- Monthly falling trendline on the buyers’ radar for now.
- Sellers will hesitate to enter any trades unless prices slip below 23.6% Fibonacci retracement.
AUD/NZD surges to 1.0432, +0.50%, just after Australia’s better than forecast employment data, published early Thursday. In doing so, the pair not only surged to the highest in a week but also crossed 200-bar SMA and 61.8% Fibonacci retracement of the pair’s declines during January 01 and 08.
Read:Australia Jobs Data: Unemployment Rate: 5.1% vs 5.2% expected (AUD bullish)
As a result, the bulls will now target a downward sloping trend line from January 01, at 1.0445, as an immediate resistance, a break of which could recall mid-month top surrounding 1.0460.
During the pair’s further upside beyond 1.0460, a monthly high near 1.0500 will be in the focus.
Meanwhile, sellers will wait for the entry unless prices decline back below 23.6% Fibonacci retracement level of 1.0360. However, a 200-bar SMA level of 1.0415 can offer immediate support.
Should there be further weakness in the AUD/NZD prices below 1.0360, the current month’s low near 1.0315 may act as an intermediate halt to 1.0300 round-figure.
AUD/NZD four hour chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.