AUD/NZD technical analysis: At 15-week low ahead of Aussie job report
- 16-week old horizontal-line, oversold RSI question AUD/NZD sellers ahead of the key Australian employment data.
- Buyers may look for an upside break of 1.0426 to aim for 61.8% Fibonacci retracement.
Despite declining to the lowest levels since late-March, the AUD/NZD pair’s immediate drop is being confined by key support-line as it trades near 1.0406 ahead of Australia’s employment data, up for publishing on early Thursday in Asia.
Not only 3.5-month-old horizontal support around 1.0400 but oversold levels of 14-day relative strength index (RSI) also hinders the pair’s downpour, which in-turn signal brighter chances of the quote’s pullback to July 01 low of 1.0426.
Though, pair’s rise past-1.0426 might find it difficult to cross 61.8% Fibonacci retracement of March – April upside around 1.0450, which if broken could accelerate the run-up towards mid-July top surrounding 1.0500.
Alternatively, a sustained break of 1.0400 has multiple supports around 1.0365/60, a break of which can recall March month low around 1.0275 back to the back.
AUD/NZD daily chart
Trend: Pullback expected