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AUD/NZD Technical Analysis: Overbought ahead of Australian jobs data

  • The AUD/NZD pair jumped to 1.0730, the highest since November after CPI data from New Zealand. Now traders await employment data from Australia. 
  • Main indicators in the daily chart show overbought readings but the close above 1.0640 signals that it remains strong. The rally was capped by the strong resistance at 1.0730 that will likely offer resistance (horizontal level and also a Fibonacci retracement). The pair could start trading in the 1.0640 - 1.0730 consolidation range. A break higher would clear the way for a test of 1.0800. 
  • On the flip side, a slide back under 1.0640 would point to an extension of the correction, likely to 1.0500. 

AUD/NZD Daily Chart

AUD/NZD

 

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