AUD/NZD: bulls take on MA cluster after solid jobs report background details
- AUD/NZD bulls take control post Aussie jobs data.
- AUD/NZD up to test congested area of MA cluster.
AUD/NZD rallied on the jobs data that showed the employment change arrived at +3.7K as a miss compared to the expected +18.8K. However, the unemployment rate at 5.4% was a beat vs the consensus figure of 5.5% and prior 5.5%, making for the lowest since February of 2013. Currently, AUD/NZD is trading at 1.1073, up 0.33% on the day, having posted a daily high at 1.1084 and low at 1.1020.
Australia employment rate drops to 5.4% in October, job growth slows
The key bullish aspect of the data came in the full-time employment change that was arriving at +24.3K, beating the prior +6.1K while part-time employment change was at -20.7K.
How is the Kiwi getting on out there?
In respect to the Kiwi, analysts at ANZ explained that the near-term picture appears to be getting more clouded by the day. "The threat of a broader bout of risk aversion would surely not be NZD positive, but failure for US tax reforms to progress would also dent the recent run in the USD. Range bound for now, but perhaps a break is building," the analysts added.
AUD/NZD has spiked through the 100 hourly SMA at 1.1059 and has tested the 1.1080 resistance level with hourly RSI and momentum behind the move leaning bullishly.
This is a very congested area of MAs on the 4hr sticks that is breaking a descending trend line from the end of Oct business where previous bullish attempts failed above and moved back below the trend line. On the daily sticks, the outlook is more neutral and the price remains with a descending trend, resisted by the bullish 21-D SMA and supported by the flat 50-D SMA.