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12 Sep 2013
AUD/NZD succumbs to 1.1384, 20-day depths
FXstreet.com (Chicago) - AUD/NZD has accumulated 110 pips in losses so far after market participants rushed to sell the pair after the release of underperforming job market data in Australia.
Australian job results
Employment change was a blow for those wishful to see matched results with expectations at 10,000 as actual results were -10,800. Full time employment remained in the negatives at -2600 vs. past -7300 similarly to part-time employment at -8200 vs. prior -3,500. The unemployment rate hit on target with matched projections at 5.8%. NZ Governor Wheeler stated the country's economy has been growing 3% per year and he expects to raise rates the incoming year.
AUD/NZD Technical Levels
Price action reveals the pair almost violated the upward trendline after hitting 1.1384 20-day lows within minutes of a steep fall. The pair seems to have found grounds around the zone to register higher lows and consolidate above the 1.1410 level. Offered at 1.1408, the pair navigates between supports at 1.1380 (August 28th lows), 1.1327 (September 3rd lows) ahead of 1.1280 (August 30th highs) and resistances at 1.1432 (August 21st lows), 1.1475 (August 8th lows) followed by 1.1513 (August 15th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe and is reported as extremely oversold under the EMA20.
Australian job results
Employment change was a blow for those wishful to see matched results with expectations at 10,000 as actual results were -10,800. Full time employment remained in the negatives at -2600 vs. past -7300 similarly to part-time employment at -8200 vs. prior -3,500. The unemployment rate hit on target with matched projections at 5.8%. NZ Governor Wheeler stated the country's economy has been growing 3% per year and he expects to raise rates the incoming year.
AUD/NZD Technical Levels
Price action reveals the pair almost violated the upward trendline after hitting 1.1384 20-day lows within minutes of a steep fall. The pair seems to have found grounds around the zone to register higher lows and consolidate above the 1.1410 level. Offered at 1.1408, the pair navigates between supports at 1.1380 (August 28th lows), 1.1327 (September 3rd lows) ahead of 1.1280 (August 30th highs) and resistances at 1.1432 (August 21st lows), 1.1475 (August 8th lows) followed by 1.1513 (August 15th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe and is reported as extremely oversold under the EMA20.