AUD/NZD Technical Analysis: Buyers target 1.0730 after trend-line break, Australia data
AUD/NZD is on the bids near 1.0680 during early Thursday. The pair broke a day-old trend-line resistance after Australia’s employment data broadly portrayed upbeat scenario.
With the sustained break of 1.0660 level, the quote can aim for recent highs around 1.0730 during further upside with 1.0700 acting as a validation point.
Should there be an additional increase be the pair beyond 1.0730, 61.8% Fibonacci expansion (FE) of its April 10 to recent lows, near 1.0760, can flash on the Bulls’ radar.
Meanwhile, a downside break of 1.0660 can recall 1.0645 support whereas a horizontal line connecting April 12 and 15 highs, at 1.0620, could tame the selling pressure afterward.
Given the bear’s dominance past-1.0620, an ascending support-line from April 05 at 1.0585 and horizontal support joining lows since April at 1.0570 might become their favorite spots.
AUD/NZD hourly chart