FxWirePro: Kiwi Falls on the Back of Higher Than expected Unemployment Rate

FxWirePro: Kiwi Falls on the Back of Higher Than expected Unemployment Rate

• AUD/NZD is trading around 1.0858 marks. 
• Pair made intraday high at 1.0877 and low at 1.0804 marks. 
• Today New Zealand released employment data. 
• New Zealand’s unemployment rate rose from a revised 5.4% in the December quarter to 5.7% last quarter on the other side employment growth accelerated from 1.0% to 1.2%, the strongest pace since the September 2013 quarter. 
• In addition, dairy prices fell at the Global Dairy Trade auction on Tuesday night, after two rises in a row. Overall, prices dropped 1.4 per cent to US$2203. 
• Intraday bias remains bullish till the time pair holds immediate support at 1.0804 marks. 
• A daily close below 1.0832 will take the parity down towards 1.0801/1.0735/1.0651 marks respectively. 
• On the other side, a sustained close above 1.0927 will drag the parity higher towards 1.0976/1.1062/1.1123/1.1298/1.1317 levels. We prefer to take long position in AUD/NZD at 1.0860, stop loss 1.0804 and target 1.0976/ 1.1062 marks.
  

The material has been provided by InstaForex Company - www.instaforex.com