AUD/NZD Price Analysis: Struggles to keep upside break of 200-day EMA
- AUD/NZD wobbles around two-week top after New Zealand’s Q3 employment data.
- MACD conditions suggest further recovery towards 1.0745/50 resistance confluence.
- Sellers will have multiple rests before revisiting the July low.
AUD/NZD seesaws around a 10-day high of 1.0720 during the early Asian session on Wednesday. In doing so, the quote struggles to justify the mixed third quarter (Q3) employment data from New Zealand.
Read: New Zealand Unemployment Rate in line with expecations Q3, 5.3% vs prev 4.0%
However, the pair is above 200-day EMA with the MACD flashing the most bullish signals since October 12, which in turn keeps the buyers hopeful.
As a result, a confluence of 100-day EMA and 61.8% Fibonacci retracement of July-August upside near 1.0745/50 gains the AUD/NZD bulls’ attention.
In a case where the AUD/NZD prices surpass 1.0750 on a daily closing, a downward sloping trend line from August 18, at 1.0835 now, will be in the spotlight.
Alternatively, the 1.0630 and the 1.0600 round-figures can entertain short-term sellers ahead of probing them with the October month’s low near 1.0595/90.
Also acting as a filter to the AUD/NZD downside is the July month’s bottom close to 1.0560.
AUD/NZD daily chart
Trend: Further recovery 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.
