AUD/NZD technical analysis: Bulls aim 1.0550/54 resistance-confluence on strong Aussie job numbers

AUD/NZD remains firm above 50-day EMA after Australia’s July month employment data beat estimates.
200-day EMA, 61.8% Fibonacci retracement becomes the key upside resistance to watch.

Anil Panchal FXStreet

Australia’s upbeat employment statistics propelled additional strength in the AUD/NZD pair that takes the bids around 1.0510 during Thursday’s Asian session.

Australian Employment Change grew past-14.0K forecast to 41.0K with Unemployment Rate being stable at 5.2%. Adding to note is the increase in Participation Rate to 66.1% from 66.0% market consensus and a rise in Fulltime Employment to 34.5K from 21.1K prior.

Buyers now look for 1.0550/54 resistance confluence including 61.8% Fibonacci retracement of April – August declines and 200-day exponential moving average (EMA).

If bulls rule beyond 1.0554 on a daily closing basis, mid-June high of 1.0591 will be their next target.

Meanwhile, 50-day EMA level of 1.0473 acts as close support before sellers target July 01 bottom of 1.0425.

AUD/NZD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.0514
Today Daily Change	0.0030
Today Daily Change %	0.29%
Today daily open	1.0484

Trends
Daily SMA20	1.0431
Daily SMA50	1.0473
Daily SMA100	1.0526
Daily SMA200	1.0515

Levels
Previous Daily High	1.0545
Previous Daily Low	1.0476
Previous Weekly High	1.0523
Previous Weekly Low	1.0263
Previous Monthly High	1.0554
Previous Monthly Low	1.0383
Daily Fibonacci 38.2%	1.0503
Daily Fibonacci 61.8%	1.0519
Daily Pivot Point S1	1.0459
Daily Pivot Point S2	1.0433
Daily Pivot Point S3	1.039
Daily Pivot Point R1	1.0527
Daily Pivot Point R2	1.0571
Daily Pivot Point R3	1.0596

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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