AUD/NZD Price Analysis: Bears eye 11-month-old support line on upbeat NZ Q4 jobs report

AUD/NZD stays heavy near recently flashed two-month low.
New Zealand Unemployment Rate, Employment Change offered positive surprises in Q4.
Bearish MACD, sustained trading below 50-day SMA favor bears.

Anil Panchal FXStreet

AUD/NZD takes offers near 1.0560 following its slump to the early December lows amid the initial Asian session trading on Wednesday. The quote declined heavily after New Zealand (NZ) jobs report for the fourth quarter (Q4) flashed strong data.

Read: New Zealand Q4 Unemployment Rate dropped below expectations of 5.6% to 4.9%, NZD/USD jumps 30 pips

The welcome figures help the AUD/NZD bears to direct the previous day’s downside break of 50-day SMA towards an ascending trend line from March 2020, currently around 1.0530, amid bearish MACD.

Should the AUD/NZD sellers refrain from respecting the strong support line, the 1.0500 threshold and 50% Fibonacci retracement level of March-August 2020 upside near 1.0480, followed by November 2020 bottom surrounding 1.0410, should gain the market’s attention.

Meanwhile, corrective pullback needs a daily closing beyond the 50-day SMA level of 1.0660 to regain the 1.0700 round-figure.

However, any further upside will be challenged by December 2020 tops near 1.0745 and the January 2021 peak surrounding 1.0845.

Overall, AUD/NZD is ready to test the key support but any further downside needs extra strong catalysts from New Zealand or downbeat factors from Australia.

AUD/NZD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0581
Today Daily Change	-69 pips
Today Daily Change %	-0.65%
Today daily open	1.065

Trends
Daily SMA20	1.0736
Daily SMA50	1.0659
Daily SMA100	1.0688
Daily SMA200	1.0723

Levels
Previous Daily High	1.0689
Previous Daily Low	1.0623
Previous Weekly High	1.076
Previous Weekly Low	1.0632
Previous Monthly High	1.0844
Previous Monthly Low	1.0632
Daily Fibonacci 38.2%	1.0648
Daily Fibonacci 61.8%	1.0664
Daily Pivot Point S1	1.0619
Daily Pivot Point S2	1.0588
Daily Pivot Point S3	1.0553
Daily Pivot Point R1	1.0685
Daily Pivot Point R2	1.072
Daily Pivot Point R3	1.0751

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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