AUD/NZD dips, holding near 1.0850 ahead of Thursday’s Aussie employment figures


  • The AUD/NZD slips back into consolidation ranges as the Aussie lacks momentum.
  • Australian employment figures in the pipe will hopefully drive some fresh sentiment shifts.
  • China data on Friday could produce knock-on effects for the AUD.

The AUD/NZD backslid to a daily low of 1.0840 in Wednesday’s trading, with the Aussie (AUD) backing up ahead of inbound labor market data due in the Thursday trading window. The Kiwi (NZD) remained relatively on balance, unmoved by a notable lack of economic calendar data on the docket for the New Zealand currency.

Aussie unemployment rate expected to hold steady

Markets are broadly expecting Australia’s Unemployment Rate to hold steady at 3.7% for the month of August, holding steady at the previous month’s figure. 

Meanwhile, Australian Employment Change for the month of August is expected to tick higher, with market analysts anticipating a printing of 23K, versus the previous period’s reading of a 14.6K decline.

The Kiwi remains under-represented on the economic calendar, but China data due on Friday, including Chinese Industrial Production figures and annualized Retail Sales for August, could see the Aussie gain some momentum with knock-on market effects.

China’s YoY Retail Sales for the month of August are expected to move upwards, from 2.5% to 3%, while Chinese Industrial Production figures are also expected to improve, forecast to print at 3.9% versus the previous 3.5%.

AUD/NZD Technical outlook

The AUD/NZD remains trapped firmly in the middle, with Wednesday’s Aussie slip into the red sending the pair firmly back into the recent consolidation region. The 100-day Simple Moving Average (SMA) continues to provide support for the longer candlestick periods, but the 50-day SMA continues to consolidate, reinforcing the middling patterns on the Aussie-Kiwi charts.

The current ceiling rests at the last meaningful swing high near 1.0920 in late July, with the floor priced in at early August’s drop-and-rebound from 1.0740.

AUD/NZD daily chart

AUD/NZD technical levels

AUD/NZD

Overview
Today last price 1.084
Today Daily Change -0.0046
Today Daily Change % -0.42
Today daily open 1.0886
 
Trends
Daily SMA20 1.0847
Daily SMA50 1.0824
Daily SMA100 1.082
Daily SMA200 1.081
 
Levels
Previous Daily High 1.0888
Previous Daily Low 1.0858
Previous Weekly High 1.0888
Previous Weekly Low 1.0815
Previous Monthly High 1.0897
Previous Monthly Low 1.0732
Daily Fibonacci 38.2% 1.0877
Daily Fibonacci 61.8% 1.087
Daily Pivot Point S1 1.0866
Daily Pivot Point S2 1.0847
Daily Pivot Point S3 1.0836
Daily Pivot Point R1 1.0897
Daily Pivot Point R2 1.0908
Daily Pivot Point R3 1.0927

 


 

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