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Forex: AUD/NZD breaks sharply lower after Aussie jobs data miss

FXstreet.com (Barcelona) - The AUD/NZD continues to slide during Asia trade after employment data out of Australia missed estimates and sent the pair sharply lower by 55 pips to 1.2233. The pair has been trending lower the last 4 weeks and is down 2.45% since late March.

“The Australian jobs report just came in surprisingly lower-than-expected, losing 36,100 jobs in March vs -5,000 job losses expected. The Australia unemployment rate stood at 5.6% in March - highest since November 2009 - vs. 5.4% in February (expectations were for 5.4%). Part time job losses were 28.7k, and the participation rate stood at 65.1 vs. 65.3% prior and 65.2% expected,” noted Ivan Delgado of FXStreet.com

Looking at the daily chart, it’s important to take note of the 1.2140 support pivot which is now in play. This level formed a key swing low support on 2/15 (note the spinning top reversal candle). A break below this level opens to the door to further support at 1.2080 (weekly support from July 2010). Expect heavy resistance between 1.2270 (30min chart support break), followed by 1.2295 (30min bearish engulfing candle).

Forex: EUR/JPY notches another new high, +7.859% MTD in April

The EUR/JPY finished the session 69 pips higher at 130.42. Reaction to economic data out of Japan (Machinery Orders 7.5% actual vs. 6.9% forecast) earlier this evening was muted as the pair consolidates above massive gains from the previous 4 days. “EUR/JPY is consolidating above 130.00 and volatility is likely to remain very high so stay flexible on this one. The next technical target is a weekly high above 134.00 whilst support levels aren’t really strong until 127.75.” notes Sean Lee of FXWW
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Forex Flash: RBA downward pressure on yields to resume – RBS

With Australian jobs number showing the antipodean economy lost -36100 jobs in March when -7500 were expected, RBS strategist Greg Gibbs thinks now that “The weaker data and higher AUD should combine to resume downward pressure on Australian yields,” he said, adding: “However, it is less clear if the AUD will remain lower with the increased global demand for high yield assets.
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