AUD/NZD Firmer, Takes-Out 1.1150 on Strong Aus Jobs
The AUD/NZD
cross ran through fresh buyers in the last hour, jumping nearly 80-pips
in a bid to regain 1.11 barrier and beyond, after the Australian jobs
data outpaced estimates.
AUD/NZD climbs on NZD weakness
The
AUD/NZD pair now advances +0.82% to fresh session highs of 1.1158 last
minutes. The cross jolted higher after the AUD/USD pair witnessed
initial gains on stronger Australian employment data.
Australia’s
jobless rate unexpectedly fell in March to 5.7% from 5.8%; economists
predicted 5.9%. Employment rose 26,100 from February; markets forecast
17,000 gain. Participation rate, a measure of labor force as a share of
the population, held at 64.9%; economists predicted 65%.
However,
a major chunk of the gains in the cross is mainly driven by the
extensive slide seen in the NZD/USD pair, as the Kiwi remains under
heavy selling pressure amid oil price declines. The bird sinks almost 1%
to 0.6850, retreating nearly 70-pips from daily tops.
Looking
ahead, markets continue to digest the data and its implications on the
RBA monetary policy stance ahead of the crucial US and Chinese economic
releases.
AUD/NZD Technical Levels
To the
upside, the next resistance is located at 1.1170/ 81 (Apr 7 high/ daily
R2) and above which it could extend gains to at 1.1200 (round number).
To the downside immediate support might be located 1.1102 (1h 200-SMA/
20-DMA) below that at 1.1088/86 (1h 50 & 100-SMA).
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