#AUDNZD @ 1.07291 seesaws, after NZ Employment data came aligned with estimates. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• AUD/NZD seesaws, after NZ Employment data came aligned with estimates.
• The AUD/NZD rally to weekly highs after the RBA’s decision was short-lived, as the cross paired those gains.
• Traders await the release of S&P Global PMIs for Australia at around 23:00 GMT.

The pair currently trades last at 1.07291.

The previous day high was 1.0766 while the previous day low was 1.0688. The daily 38.2% Fib levels comes at 1.0736, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0717, expected to provide support.

The AUD/NZD floats at around the 1.0730 area, after Tuesday’s session, witnessed the pair hitting a high of 1.0834. However, it retraced those gains and finished the day with losses of 0.17%.

Futures in Asia are trading with minimal losses. The Reserve Bank of New Zealand (RBNZ) revealed the Financial Stability Report, which showed the New Zealand (NZ) financial system is solid and well prepared to handle higher interest rates, and “international financial disruptions,” said the RBZN’s Governor Adrian Orr.

In the meantime, employment data from New Zealand revealed that the Unemployment Rate stood unchanged at 3.4%, while the Participation Rate had an uptick from 71.7% to 72%. The Labour Cost Index, a measure of Wages, rose 4.5% Q1 YoY compared to 4.3%.

On the Australian side, the Reserve Bank of Australia (RBA) surprised the market by hiking rates 25 bps, to 3.85%, adding that inflation is too high, signaling that higher rates might be needed to curb inflation. The RBA Governor Philip Lowe said, “Looking forward, some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe.”

After the RBA’s rate hike, the swaps market is pricing a 50% chance of a 25 bps rate hike to 4.10% in August.

Aside from this, the Australian economic docket will feature S&P Global PMIs, alongside the AIG Construction PMI, at around 23:00 GMT.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0726 at the time of writing. Pair opened at 1.0753 and is trading with a change of -0.25 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0772, 50 SMA 1.0783, 100 SMA @ 1.0806 and 200 SMA @ 1.0938.

The previous day high was 1.0766 while the previous day low was 1.0688. The daily 38.2% Fib levels comes at 1.0736, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0717, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0705, 1.0658, 1.0627
• Pivot resistance is noted at 1.0783, 1.0814, 1.0861

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group