AUD/NZD Price Analysis: Bulls cross 1.0790 resistance confluence on welcome Australia employment report
- AUD/NZD jumps to fresh one-month high on upbeat Australia employment numbers for March.
- Clear break of 100-DMA, one-month-old descending trend line favors AUD/NZD bulls to approach 50-DMA hurdle.
- Convergence of one-week-old ascending trend line, 61.8% Fibonacci retracement appears a tough nut to crack for bears.
AUD/NZD bulls approach the highest levels since early March during a four-day uptrend following a release of strong Australian job numbers early Thursday. That said, the cross-currency pair takes the bids to refresh the multi-day high near 1.0810 by the press time.
As per the March month jobs numbers from the Australia Bureau of Statistics (ABS), Employment Change jumps by 53K versus 20K expected and 64.6K prior while the Unemployment Rate remained unchanged versus the expectation of marking the 3.6% figure. Further, the Participation Rate also improved to 66.7% versus market forecasts of reprinting the 66.6% mark.
Following the strong Aussie data, the AUD/NZD pair crossed the previous key resistance confluence surrounding 1.0790, comprising the 100-DMA and a one-month-old descending trend line.
Adding strength to the upside bias are the bullish MACD signals and firmer RSI (14) line, not overbought.
With this, the AUD/NZD bulls are all set to prod the 50-DMA hurdle of 1.0824. However, the previous monthly high of around 1.0895 and the 1.0900 round figure may check the upside moves afterward.
Alternatively, pullback remains elusive until the AUD/NZD pair stays beyond 1.0790 resistance-turned-support.
Following that, an upward-sloping trend line from March 05 and 61.8% Fibonacci retracement level of the pair’s run-up from December 2022 to February 2023, around 1.0705, becomes crucial to watch as a break of which may give a free hand to the bears in their further ruling.
AUD/NZD: Daily chart
Trend: Further upside expected
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.
