AUD/NZD dips on Aussie jobs miss, rebounds to trade in congestion

AUD/NZD slips on jobs miss, Australia loses fifty thousand full-time jobs.
RBA Gov Lowe to speak at 22:30 GMT.

Joshua Gibson FXStreet

AUD/NZD is trading near 1.0745, and it looks like the pair has shaken off the dismal employment figures from Australia that saw almost fifty thousand full-time jobs erased from the island economy.

The Reserve Bank of Australia (RBA) has been forced onto their haunches recently, as lagging growth has left Australia's central bank in a decided holding pattern, set to hold on rates for the rest of the year waiting for growth to pick up while other central banks are getting ready to raise rates in the face of inflation, with multiple rate increases expected this year from the Bank of England and the Federal Reserve. The RBA's reaction to the jobs data will be heard when RBA Governor Philip Lowe speaks at 22:30 GMT today.

With softening and mixed economic data still on the cards for Australia, the Aussie looks set to continue its gradual decline against the kiwi, with price currently trading just beneath the consolidation range that has marked the pair for the past seven trading days.

AUD/NZD Technicals

Intraday levels of note will be yesterday's high/low, at 1.0806 and 1.0721 respectively, while long-term conditions are beginning to look decidedly bearish, with Daily candles trading below the 200-day SMA and beginning to break lower. Any attempts at a reversal will face extreme resistance at the 1.0860 level, and a close below 1.0712 will see the pair trading at six-month lows.

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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