AUD/NZD Technical Analysis: Break of 1.0365/70 can validate recent pullback after Aussie employment data

AUD/NZD is on bids around 1.0340 during early Asian sessions on Thursday.
The quote recently bounced from intra-day low of 1.0297 as eight-year low (4.9%) Australian unemployment rate grabbed more market attention than soft employment change figure of 4.6K versus 14.0K expected and 39.1K prior.
While oversold levels of 14-bar relative strength index (RSI) and upbeat jobs report helped the pair to reverse from the day’s low, three-week long descending resistance-line and mid-February lows can confine latest advances around 1.0365/70.
Given the price rise beyond 1.0370, 38.2% Fibonacci retracement of February – March declines, at 1.0390, followed by 1.0400, could please buyers.
Additionally, the pair’s successful trading above 1.0400 can further escalate the recovery towards 61.8% Fibonacci retracement level near 1.0450.
Alternatively, pair’s slip under 1.0297 may need to clear early-month low around 1.0290 in order to aim for 61.8% Fibonacci expansion (FE) level of 1.0250.
Also, September 2016 bottom around 1.0230 and mid-April 2015 support near 1.0220 can flash on bears’ radar past-1.0250.

Anil Panchal FXStreet

AUD/NZD 4-Hour chart

additional important levels

Overview
Today last price	1.0341
Today Daily Change	3 pips
Today Daily Change %	0.03
Today daily open	1.0338

Trends
Daily SMA20	1.0382
Daily SMA50	1.0458
Daily SMA100	1.0528
Daily SMA200	1.0715

Levels
Previous Daily High	1.0384
Previous Daily Low	1.0326
Previous Weekly High	1.0363
Previous Weekly Low	1.0293
Previous Monthly High	1.0551
Previous Monthly Low	1.0362
Daily Fibonacci 38.2%	1.0348
Daily Fibonacci 61.8%	1.0361
Daily Pivot Point S1	1.0315
Daily Pivot Point S2	1.0291
Daily Pivot Point S3	1.0257
Daily Pivot Point R1	1.0373
Daily Pivot Point R2	1.0407
Daily Pivot Point R3	1.0431

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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