AUD/NZD capitalizes on Kiwi weakness, climbing higher

RBNZ fails to deliver in post-FOMC markets.
Australian unemployment, jobs change at 00:30 to kick off the Thursday session.

Joshua Gibson FXStreet

The AUD/NZD lifted for the second day in a row, and is trading near 1.0750 heading into the overnight session.

The Kiwi has been taking a beating at the hands of the Aussie, With the AUD climbing against its antipodean counterpart this week.

RBNZ misfires, Aussie jobs in the barrel

The NZD stuck in place following the Reserve Bank of New Zealand's interest rate meeting, which saw the central bank hold steady on rates. The outcome is already widely priced into markets, and the RBNZ's meeting was a non-starter. The NZD can expect to be led by the nose by ove3rall market sentiment with little macro data left on the calendar this week for the Kiwi.

On the Aussie side of things, we'll be seeing Aussie jobs data at 00:30 GMT to kick off Thursday's trading session. The Unemployment rate is expected at 5.5%, in-line with the previous reading, while the Australian job market is expected to show 20k new jobs added to the employment landscape, compared with the previous period's 16k.

AUD/NZD Levels to watch

Despite making a fresh low this week, the pair has managed to claw back from the bottom, trading comfortably back into March's emssy consolidation. Current support can be found at Wednesday's low of 1.0705 and the new swing low at 1.0635, with resistance sitting at early March's swing high at 1.0765 and March's overall high at the 1.0800 major level.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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