AUD/NZD technical analysis: Confronts 1.0780/85 resistance confluence upbeat AU jobs report
|- AUD/NZD bounces off 1.0730 support confluence after AU Unemployment rate’s surprise decline.
- A sustained break beyond 1.0785 can take aim at September high.
With the market’s upbeat reaction to a 0.1% decline in Australia’s seasonally adjusted unemployment rate, AUD/NZD takes the bids to 1.0780 by the press time of early Thursday.
Read: Australian Unemployment rate 0.1% lower and AUD rallies some 30 pips
The pair now needs a successful break of multiple resistance-lines ranged from mid-September, around 1.0780/85 to aim for 1.0800 and September month high of 1.0852.
Meanwhile, a downside break below 1.0730 support-joint including 200-bar Simple Moving Average (SMA) and 38.2% Fibonacci retracement of August-September rise could drag prices to the one-week-old ascending trend line of 1.0695.
Also, pair’s declines below 1.0695 can well aim for 61.8% Fibonacci retracement level of 1.0650 and the 1.0630 support level.
AUD/NZD 4-hour chart
Trend: pullback expected
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