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Forex: AUD/NZD jumps to fresh 2-month highs on RBNZ+Aus jobs data

AUD/NZD is currently printing fresh 2-month highs at 1.2674, higher for seventh consecutive day. Today there was a combination of a RBNZ dovish statement earlier in the Asian open session, followed by an astonishing Aussie jobs report number, all of which made the cross jump a generous +1.8% from the RBNZ statement release time, all in a few hours.

“The AUD/NZD looks set to trend higher for awhile, as shifts in central bank expectations make a compelling argument to buy the cross,” said IFR Markets analyst John Noonan, adding: “On the same day the RBNZ dampened rate hike expectations - the Aus jobs data has signaled the RBA easing cycle has come to an end,” he noted. Since ANZ called for a long position in AUD/NZD back in late Feb around the 1.22 level , and back again few days ago the cross has moved a +3.2% higher.

Immediate resistance to the upside for AUD/NZD shows at recent session and Jan 04 highs 1.2678/80, followed by Nov 19 lows at 1.2682, and Dec 28 highs at 1.2688. To the downside, closest support lies at yesterday's highs 1.2606, followed by Wednesday's Asian session highs at 1.2535, and Friday's/Monday's highs at 1.2480/85.

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