AUD/NZD technical analysis: Eyes on 200-hour EMA after NZ GDP/Aussie employment data
- AUD/NZD drops to three-day low after Australian employment statistics.
- New Zealand’s (NZ) Q2 GDP earlier beat market forecasts.
- 200-hour EMA holds the key to further declines towards 61.8% Fibonacci retracement and short-term rising support line.
Not only upbeat New Zealand Gross Domestic Product (GDP) details but disappointment from Australian jobs report also drags the AUD/NZD pair downwards while flashing 1.0770 as a quote amid initial Thursday trading.
New Zealand’s GDP figures flashed 0.5% QoQ growth versus 0.4% anticipated while also rising past-2.0% forecast to 2.1% level on a yearly format. On the contrary, Australia’s Unemployment Rate expectations of 5.3% mark, which was up from 5.2% prior whereas Employment Change crossed 10.0K forecast by rising to 34.7K.
The pair slips below 38.2% Fibonacci retracement of current month upside, together with a bearish signal from 12-bar moving average convergence and divergence (MACD), which in turn portrays brighter chances of pair’s further south-run to 200-hour exponential moving average (EMA) level of 1.0750.
In a case, the key EMA level fails to stop bears, 50% and 61.8% Fibonacci retracement levels of 1.0741 and 1.0715 respectively can question their anticipated target of a rising trend-line since September 09, at 1.0707 now.
On the upside, 1.0820 and monthly top surrounding 1.0850 can keep buyers in check while October 2018 high surrounding 1.0900 could be on the bull’s radar next.
AUD/NZD hourly chart