AUD/NZD technical analysis: At 15-week low ahead of Aussie job report
|- 16-week old horizontal-line, oversold RSI question AUD/NZD sellers ahead of the key Australian employment data.
- Buyers may look for an upside break of 1.0426 to aim for 61.8% Fibonacci retracement.
Despite declining to the lowest levels since late-March, the AUD/NZD pair’s immediate drop is being confined by key support-line as it trades near 1.0406 ahead of Australia’s employment data, up for publishing on early Thursday in Asia.
Not only 3.5-month-old horizontal support around 1.0400 but oversold levels of 14-day relative strength index (RSI) also hinders the pair’s downpour, which in-turn signal brighter chances of the quote’s pullback to July 01 low of 1.0426.
Though, pair’s rise past-1.0426 might find it difficult to cross 61.8% Fibonacci retracement of March – April upside around 1.0450, which if broken could accelerate the run-up towards mid-July top surrounding 1.0500.
Alternatively, a sustained break of 1.0400 has multiple supports around 1.0365/60, a break of which can recall March month low around 1.0275 back to the back.
AUD/NZD daily chart
Trend: Pullback 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.