AUD/NZD breaks 20-DMA, bias higher
AUD/NZD broke 20-DMA to hit 2-week highs at 1.0550 after Aussie was buoyed by stellar jobs data.
Australia's jobs data was upbeat across most major indicators, against expectations of a minor correction.
The economy added 52.1K in full time jobs, while the jobless rate dropped to 5.5%. Meanwhile, the participation rate improved to 64.9%.
The pair has retraced from session highs to currently trade at 1.0528 levels.
Technical indicators have turned bullish, RSI is biased higher, Stochs have rolled over from oversold levels and MACD is showing a bullish crossover.
We see scope for further upside, close above 20-DMA will confirm bullishness.
Major trendline support seen at 1.040 levels, we see weakness only on break below.
Support levels - 1.05, 1.0463 (5-DMA), 1.040 (trendline)
Resistance levels - 0.0550 (session high), 1.0602 (200-DMA), 1.0631 (38.2% Fib)
Good to go long on close above 20-DMA 1.0525, SL: 1.0460, TP: 1.06/ 1.0630/ 1.07
Australia's jobs data was upbeat across most major indicators, against expectations of a minor correction.
The economy added 52.1K in full time jobs, while the jobless rate dropped to 5.5%. Meanwhile, the participation rate improved to 64.9%.
The pair has retraced from session highs to currently trade at 1.0528 levels.
Technical indicators have turned bullish, RSI is biased higher, Stochs have rolled over from oversold levels and MACD is showing a bullish crossover.
We see scope for further upside, close above 20-DMA will confirm bullishness.
Major trendline support seen at 1.040 levels, we see weakness only on break below.
Support levels - 1.05, 1.0463 (5-DMA), 1.040 (trendline)
Resistance levels - 0.0550 (session high), 1.0602 (200-DMA), 1.0631 (38.2% Fib)
Good to go long on close above 20-DMA 1.0525, SL: 1.0460, TP: 1.06/ 1.0630/ 1.07