AUD/NZD technical analysis: Confronts 1.0780/85 resistance confluence upbeat AU jobs report

AUD/NZD bounces off 1.0730 support confluence after AU Unemployment rate’s surprise decline.
A sustained break beyond 1.0785 can take aim at September high.

Anil Panchal FXStreet

With the market’s upbeat reaction to a 0.1% decline in Australia’s seasonally adjusted unemployment rate, AUD/NZD takes the bids to 1.0780 by the press time of early Thursday.

Read: Australian Unemployment rate 0.1% lower and AUD rallies some 30 pips

The pair now needs a successful break of multiple resistance-lines ranged from mid-September, around 1.0780/85 to aim for 1.0800 and September month high of 1.0852.

Meanwhile, a downside break below 1.0730 support-joint including 200-bar Simple Moving Average (SMA) and 38.2% Fibonacci retracement of August-September rise could drag prices to the one-week-old ascending trend line of 1.0695.

Also, pair’s declines below 1.0695 can well aim for 61.8% Fibonacci retracement level of 1.0650 and the 1.0630 support level.

AUD/NZD 4-hour chart

Trend: pullback expected

AUD/NZD

Overview
Today last price	1.078
Today Daily Change	0.0038
Today Daily Change %	0.35%
Today daily open	1.0742

Trends
Daily SMA20	1.0733
Daily SMA50	1.0671
Daily SMA100	1.0577
Daily SMA200	1.0542

Levels
Previous Daily High	1.0779
Previous Daily Low	1.0685
Previous Weekly High	1.0736
Previous Weekly Low	1.0643
Previous Monthly High	1.0852
Previous Monthly Low	1.063
Daily Fibonacci 38.2%	1.0743
Daily Fibonacci 61.8%	1.0721
Daily Pivot Point S1	1.0692
Daily Pivot Point S2	1.0641
Daily Pivot Point S3	1.0597
Daily Pivot Point R1	1.0786
Daily Pivot Point R2	1.083
Daily Pivot Point R3	1.088

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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