AUD/NZD Price Analysis: Struggles to keep upside break of 200-day EMA
|- AUD/NZD wobbles around two-week top after New Zealand’s Q3 employment data.
- MACD conditions suggest further recovery towards 1.0745/50 resistance confluence.
- Sellers will have multiple rests before revisiting the July low.
AUD/NZD seesaws around a 10-day high of 1.0720 during the early Asian session on Wednesday. In doing so, the quote struggles to justify the mixed third quarter (Q3) employment data from New Zealand.
Read: New Zealand Unemployment Rate in line with expecations Q3, 5.3% vs prev 4.0%
However, the pair is above 200-day EMA with the MACD flashing the most bullish signals since October 12, which in turn keeps the buyers hopeful.
As a result, a confluence of 100-day EMA and 61.8% Fibonacci retracement of July-August upside near 1.0745/50 gains the AUD/NZD bulls’ attention.
In a case where the AUD/NZD prices surpass 1.0750 on a daily closing, a downward sloping trend line from August 18, at 1.0835 now, will be in the spotlight.
Alternatively, the 1.0630 and the 1.0600 round-figures can entertain short-term sellers ahead of probing them with the October month’s low near 1.0595/90.
Also acting as a filter to the AUD/NZD downside is the July month’s bottom close to 1.0560.
AUD/NZD daily chart
Trend: Further recovery expected
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.