AUD/NZD Technical Analysis: Buyers target 1.0730 after trend-line break, Australia data

Anil Panchal FXStreet

AUD/NZD is on the bids near 1.0680 during early Thursday. The pair broke a day-old trend-line resistance after Australia’s employment data broadly portrayed upbeat scenario.

With the sustained break of 1.0660 level, the quote can aim for recent highs around 1.0730 during further upside with 1.0700 acting as a validation point.

Should there be an additional increase be the pair beyond 1.0730, 61.8% Fibonacci expansion (FE) of its April 10 to recent lows, near 1.0760, can flash on the Bulls’ radar.

Meanwhile, a downside break of 1.0660 can recall 1.0645 support whereas a horizontal line connecting April 12 and 15 highs, at 1.0620, could tame the selling pressure afterward.

Given the bear’s dominance past-1.0620, an ascending support-line from April 05 at 1.0585 and horizontal support joining lows since April at 1.0570 might become their favorite spots.

AUD/NZD hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.0683
Today Daily Change	13 pips
Today Daily Change %	0.12%
Today daily open	1.067

Trends
Daily SMA20	1.0491
Daily SMA50	1.044
Daily SMA100	1.0486
Daily SMA200	1.0683

Levels
Previous Daily High	1.0734
Previous Daily Low	1.0585
Previous Weekly High	1.0628
Previous Weekly Low	1.0532
Previous Monthly High	1.0455
Previous Monthly Low	1.0274
Daily Fibonacci 38.2%	1.0677
Daily Fibonacci 61.8%	1.0642
Daily Pivot Point S1	1.0592
Daily Pivot Point S2	1.0514
Daily Pivot Point S3	1.0443
Daily Pivot Point R1	1.0741
Daily Pivot Point R2	1.0812
Daily Pivot Point R3	1.089

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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